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Toronto Condo Rents Hit a New Record

  • Average monthly rents in city reached C$2,385: Urbanation Inc.
  • ‘Much higher levels of supply are needed’ for balanced market
Multi-Unit Home Permits Overtake Canada Singles For First Time
Photographer: Cole Burston/Bloomberg

Renting a condo in Toronto keeps getting more expensive.

The average monthly rent for a condo in the city jumped 7.6 percent in the third quarter from a year ago to a record high C$2,385 ($1,829), according to Urbanation Inc. While the number of new condo rental leases signed grew slightly in the third quarter from last year to 8,186, the market still remains exceptionally tight. Average lease prices in purpose-built rental buildings completed since 2005 in Toronto surged 17 percent to C$3.09 per square foot as higher-rent properties were completed in the past year.