Rent in Toronto is climbing ever higher. Rentalsdotca | BullpenConsult | TOpoli housingmarket interestrates
, which showed that rents for all property types in the GTA have increased 21% since this time last year. In August 2021, the regional average was $2,098. Last month, that same figure climbed to $2,528.
Rental rates as we’re seeing them today have now risen 28.2% past the COVID lows of early 2021, and this upward trajectory can be largely chalked up to the Bank of Canada’s interest rate hikes, “which has made owning a home more expensive and resulted in a swift decline in prices in the resale market,” reads the report.
“From May to August, the Greater Toronto Area rental market has experienced four significant monthly rent increases, as tenant demand has skyrocketed due to interest rate changes, a resale house price correction, and the typical seasonal fall uptick,” says Ben Myers, President of Bullpen Research & Consulting. “Pageviews per listing on TorontoRentals.com hit a multi-year high in August, rising 106% annually and 166% from the pandemic-impacted August 2020.
The average rent also increased by 10.1% in North York, 9.4% in Scarborough, 5.7% in Etobicoke, and 5.1% in Mississauga between the second and third quarters of this year.Condominium apartments in Toronto saw an increase to $2,963 in August, marking a 43% increase from a COVID-related low point of $2,100 in early 2021. August’s average was also 9.1% higher than the pre-pandemic high of $2,715 in August 2019.
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