Rents continued to soar across the Greater Toronto Area in the second quarter of 2023, pushing prices to record highs as vacancy rates remained low. realestate realestatenews Toronto rent
2:05 PM Jul 19, 2023
At 12.6%, the annual rate of rent growth was slower than what was seen in Q1 and Q4 2022 , but marks the seventh straight quarter of double-digit rent inflation. Over the last two years, condo rents in the GTA have jumped by 31.7%. Units between 400 and 499 sq. ft followed, with rents rising 14.0% annually to $2,309. In comparison, condos over 1,000 sq. ft saw rents increase 10.2% year over year to an average of $3,991.
The vacancy rate in such buildings was 1.9% in Q2. Although it was a slight increase from the 1.5% recorded a year ago, it marked the sixth consecutive quarter with vacancy rates below 2%.
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