Apartment rents in Toronto rose 20% during the second quarter and reached record levels,
according to new data from the Toronto Regional Real Estate Board (TREB).
Average monthly rents for one-bedroom apartments in Toronto increased to $2,269 in Q2, up
20% from the same period of 2021 and a new all-time high. The previous record for one-
bedroom rents was $2,262, reached in the third quarter of 2019.
Rents for two-bedroom apartments, at $2,979, were up 15% from year earlier levels in the April
through June quarter. The cost of a three-bedroom apartment in Toronto grew 13% on a year-
over-year basis.
The double-digit price gains reflect tightening supply, with the number of listings for rental
properties down 11%, according to TREB. At the same time, rising interest rates are pricing
some potential homebuyers out of the market and keeping demand high for rental units.
Homebuilding cancellations, the result of rising construction costs and a labour shortage, are
also putting pressure on rental prices. Out of 30,000 condominium units that were supposed to
be built in Toronto this year, about 10,000 have been canceled, according to research from
CIBC Capital Markets.
