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Average one bedroom condo rent in Toronto soars 20% from last year: real estate board

Condo towers dot the Toronto skyline as a pedestrian makes his way through the COVID-19 restricted winter landscape on January 28, 2021. THE CANADIAN PRESS/Frank Gunn. FNG

TORONTO — The Toronto Regional Real Estate Board says the average cost for a one-bedroom condo soared by more than 20 per cent to $2,481 between the third quarter of this year and the same period last year.

The board says the average rent for a two-bedroom apartment hit $3,184, a 14.5 per cent jump from the same quarter the year before.

Over the same period, three-bedroom units increased almost 11 per cent to $4,139 and bachelors raised 21 per cent to $2,057.

Read more: Condo rent prices reach record level in Toronto area as market tightens ‘dramatically’: TRREB

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TRREB attributed the increases to would-be first-time homebuyers putting off real estate purchases because of higher borrowing costs.

The board says their delay in buying homes has made rental demand strong and intensified competition for condo rentals.

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TRREB also says there were 13,366 condo rental transactions in the third quarter, a 17.3 per cent decline compared to the same period last year.

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