TORONTO – A new report suggests the average monthly rent for a condominium in Toronto in the first quarter was up nearly 11 per cent compared with a year ago.
Urbanation Inc. says average monthly rates increased to $2,206 based on average unit size of 740 square feet.
The increase came as the rental market saw a low amount of new supply, with the number of newly completed condo projects hitting their lowest level in more than eight years.
Get breaking National news
Recently introduced tougher mortgage rules, which have driven some potential homebuyers to sit out of the market, have also made the rental market more competitive.
Urbanation noted the income required to purchase the average priced resale condo in the Greater Toronto Area increased to $100,000, up from $77,000 a year earlier, due in part to the change in lending rules this year.
The estimate is based on the $558,000 average condo resale price and a 20 per cent down payment.
- Ontario battle over tax cuts begins ahead of potential early election
- Ex-Ontario MPP Randy Hillier sees ‘Freedom Convoy’-related charges stayed over delays
- Ontario to ban name changes for sex offenders, solicitor general says
- FBI releases new photo of Ryan Wedding as Canadian Olympian still on the run
Comments