The average price for a two-bedroom sits at more than $3,100.
Toronto’s red-hot rental market is feeling the heat as average condo and apartment rents increased by 20 per cent in June, pushing the average monthly price to $2,463.Average monthly rent in June for a one-bedroom in Toronto was up 18.5 per cent and up 23.4 per cent for a two-bedroom year-over-year, according to a new report by Rentals.ca and Bullpen Research and Consulting.
“Despite data showing the share of employers returning to the office has stalled after a year of steady increases, average rents in Canada’s largest cities are still surging, with condominium and rental apartments seeing rents jump 26 per cent annually in Calgary, 25 per cent annually in Vancouver and 20 per cent annually in Toronto,” said Ben Myers, president of Bullpen Research and Consulting, in a statement.
This follows two years of year-over-year declines in Toronto — 9.2 per cent in June 2021 and 7.8 per cent in June 2020.
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