CONDO RENTS LEAP UPWARD MORE THAN 10 PERCENT

Apr 11, 2018

By Michael Kramer

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The average monthly rent for a condominium in Toronto jumped 10.7 per cent in the first quarter – to just over 22-hundred dollars.

According to Urbanation – rents have increased due to a supply crunch – with the number of newly completed condo projects hitting their lowest level in more than eight years – and new mortgage qualifying rules that have kept some people from buying homes – have also made the rental market more competitive.

The tracking firm also says changes in lending rules are also partly responsible for an increase in the income needed to purchase the average priced resale condo in the Greater Toronto Area. That number is at $100-thousand dollars – up from $77-thousand dollars a year earlier.

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