Toronto Apartment Rents Soar 20% to Record Levels With Market Tightening

Landlords recover pandemic losses; listings dip as Covid eases
Rates may price out some home buyers, adding to rental demand

Apartment buildings in the Parkdale neighborhood of Toronto, Canada.
Photographer: Cole Burston/Bloomberg

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By Ana Paula Barreto Pereira

July 28, 2022 at 4:58 PM UTC

Updated on

July 28, 2022 at 5:09 PM UTC

This article is for subscribers only.

Toronto tenants are saying goodbye to the era of Covid-19 discounts, with rents fully recovering pandemic losses and reaching record levels, according to new data.

Average monthly rents on newly-leased one-bedroom apartments in Canada’s largest city rose to C$2,269 (about $1,770) in the second quarter, up 20% from a year earlier, the Toronto Regional Real Estate Board said Thursday.