TORONTO CONDO LIVING BECOMES MORE EXPENSIVE FOR RENTERS

Apr 14, 2016

By Jane Brown

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Renting a condo in Toronto does not appear to be a good option for Zoomers on a fixed income.

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A new report from real estate consulting firm Urbanation says the cost of renting a Toronto condo climbed almost seven percent in the first quarter of this year to $1891 a month.

Urbanation’s Senior Vice President Shaun Hildebrand attributes the increase partially to the fact that many would-be buyers are getting priced out of the home ownership market, pushing demand for rental units higher.

That could change though, as the number of applications to build rental-only buildings jumped by 40 percent in the first three months of the year.

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