High demand leads to bidding wars, soaring rental rates across Canada
Generations of customers shopped for imported spices, grains and nuts at East India Company Ltd. on Cawthra Road in Mississauga, Ont. The 50-year-old family-run business made it through the pandemic, but when the store’s lease was due for renewal in 2022, the new asking rent was double the previous rate of $8 a square foot.
The Jain family had to close their store in May, 2023, with hardly any notice to customers. “I didn’t want to leave and disappear in the wind, but that’s exactly what happened to us,” Ms. Jain says.East India Company was previously located on Cawthra Road in Mississauga, Ont., though the small business was forced to relocate after rent increases.
The group tracked retail rents in Toronto and found new commercial lease rates went up an average of 32 per cent between 2022 and 2023. “We’ve heard stories – and seen the receipts – of rent going up by more than 100 per cent,” she says. “Many are being forced to close because they can no longer cover their soaring rental costs.”Small business advocacy group Better Way Alliance found new commercial lease rates in Toronto went up an average of 32 per cent between 2022 and 2023.
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