Rental prices in Toronto rose 20.4% in this year’s third quarter as the available inventory in
Canada’s largest city continues to dwindle, according to the Toronto Regional Real Estate
Board (TRREB).
The average price for a one-bedroom apartment in the Greater Toronto Area increased to
$2,481 in Q3, a 20.4% rise from the same period of 2021.
At the same time, listings for rental properties in Toronto dropped an annualized 25.6% in the
July through September period, said TRREB.
The inventory decline makes it more difficult for a prospective tenant to find a rental unit in the
city, said the latest report on the state of housing in the Greater Toronto Area.
Many would-be first-time homebuyers are being forced into the rental market amid higher
interest rates that are making it more difficult for people to qualify for and afford a mortgage.
TRREB said competition for condo rentals in Toronto has become especially fierce in recent
months, leading to a sharp rise in prices.
