Rental prices for condominiums in Toronto are rising at a record pace as purchasing a house in
Canada’s largest city becomes less attainable.
Urbanation found that the average rental price per square foot for a Toronto condo rose 5.9% in
this year’s second quarter to an all-time high of $2,533. Annual growth in rental prices climbed
by a record 16.7% during the April through June period.
The price increases are being driven by a sharp decline in condominium inventory as potential
homebuyers are being priced out of the housing market due to rising interest rates.
Urbanation added that strong population growth and record-low unemployment in Toronto are
also fueling demand in the city’s rental market.
The overall vacancy rate in the Toronto condominium market fell to 1.4% in this year’s second
quarter, down from 5.1% a year earlier.
