Demand in the GTA is surging - and so is rent. torentals BullpenConsult Toronto realestate realestatenews
, the average monthly rent in the Greater Toronto Area is up for all property types. In June, the average hit $2,403, up from $2,018 in June 2021 and $2,327 in May 2022. The month-over-month increase is the second-highest in over three and a half years.
“Following two consecutive months of outsized rent growth of over 3% monthly, average rents in the GTA are up 19% annually, but remain below peak levels from late 2019,” said Ben Myers, President of Bullpen Research & Consulting. “The rise in borrowing costs has shifted demand from the ownership market to the rental market, which has impacted the luxury rental market with the 90th percentile rent climbing 21% annually, compared to 9% for the 10th percentile.
Meanwhile, rents for two-bedroom units increased 17% YoY to $2,627, studio units 15% to $1,647, one-bedroom units 14% to $2,008, three-bedroom units 12% to $3,100, and four-bedroom units 2.2% to $3,387. Additionally, rents for affordable units in the 10th percentile saw a 9% YoY increase to $1,550. In this segment, the average rent has been declining since reaching a market peak in late 2019.In terms of location, condos in Mississauga saw the largest rent increase — 25% YoY in June — followed by Markham , Toronto , North York , Scarborough , York , Etobicoke , Oakville , Oshawa , and Vaughan .
With that said, Bullpen Research & Consulting notes that the rate of increase will be slower in the coming months, and won’t be as drastic as we saw in April and May. Zakiya is a staff writer with STOREYS. Previously, she has written about real estate for Post City Magazines, Apartment Therapy, and Curbed. She also writes a quarterly series for a Canadian design publication.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New GTA House Sales Down By 85% in JuneNew home sales in the Greater Toronto Area (GTA) continued to ease in the month of June, according to a new report from BILD.
Read more »
The NUDAs celebrates the best and most functional urban architecture and esthetics in the GTAGood designs contribute at multiple levels,” says Calgary architect Marc Boutin, a NUDA jury member. “They can be esthetically pleasing, they can bring joy and poetry to someone’s everyday life, but also they have performative aspects.”
Read more »
Calls to combat Islamophobia prominent in record-setting June for federal advocacyTo help protect Canada’s Muslim population, the NCCM’s representatives are pushing for the Liberal government to develop a national action plan to combat Islamophobia.
Read more »
Opinion | Creating a workplace that is LGBTQIA+ friendlyPersonal conversations are bound to happen in the workplace — even on Zoom — so it is more important than ever to make sure that the workplace is open to all and for all, writes Santiago Arbelaez.
Read more »
African Festival draws massive crowds in Halifax during four-day celebration - Halifax | Globalnews.caFor the first time since 2019, the festival returned after a two-year hiatus due to the Covid-19 pandemic.
Read more »
Sri Lanka to restrict fuel imports for next 12 months due to shortage of foreign exchangeSri Lanka has been grappling with a lack of essentials for months, after its foreign exchange reserves ran dry because of economic mismanagement and the impact of the COVID-19 pandemic
Read more »