As the housing market continues to show signs of weakening, the cost of rent in Toronto is on the rise.
released by the Toronto Region Real Estate Board for the second quarter of 2022 shows that the average rent charged for one-bedroom and two-bedroom condominiums has now reached a new record high, after plunging earlier in the COVID-19 pandemic.
Smaller bachelor units were up a staggering 25 per cent to $1,829 per month but have not yet reached the peak reached in the third quarter of 2019. The average cost of a home in the GTA has now fallen for four consecutive months and at least one major bank is warning of a “historic” housing correction that could ultimately see prices drop by as much as 14 per cent from peak to trough.The latest data from TRREB suggests that rental listings were down 30 per cent year-over-year in the second quarter, resulting in a significant increase in competition for some units.
“Competition between renters continues to heat up, resulting in extremely strong upward pressure on average rents,” TRREB Chief Market Analyst Jason Mercer said in the release. “Rental supply remains a major issue in the GTA and will become more pronounced in the short term, as an increasing share of well-employed individuals turn to the rental market.”
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