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Average Toronto condo rents up 11% over last year: report

A new report, from Urbanation Inc., says Toronto's average monthly condo rental rates increased to $2,206 based on average unit size of 740 square feet. THE CANADIAN PRESS IMAGES/Lars Hagberg

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.

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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.

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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.

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