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Toronto Set for Record Apartment Surge After Rent Control Lifted

  • Vacancy rate increases, price rises ease amid wave of supply
  • Development charge deferrals also help, Urbanation says
Multi-Unit Home Permits Overtake Canada Singles For First Time
Photographer: Cole Burston/Bloomberg

Toronto’s apartment crunch is finally easing as new supply hits the market and the removal of rent controls leads to record units on the drawing board, according to a new report.

The vacancy rate rose to 1.5% in the second quarter, the highest since 2015, when research firm Urbanation began tracking the data. Rent increases eased to 7.6% from 10.3% last year, bringing the cost of an average-sized unit of 794 square feet to C$2,475 ($1,894).