Greater Toronto Area Rental Market Report in Q2 2018, Steve Moran, Remax
Rents continued their rapid rise in Toronto-area condominium leases in the second quarter of 2018.
The average one-bedroom and two-bedroom condominium rents increased to $2055 and $2755 respectively in the second quarter.
The rising prices are a reflection of vacancy rates hovering around the 1 per cent mark across the region with no signs of the trend slowing down.
Recent government policy changes, including rent controls, have not alleviated the strong upward pressure on monthly rents in the Greater Toronto Area. Governments need to look at ways to increase the supply of rental accommodations. This would go a long way to easing the pace of price growth in the GTA.
Looking forward, I expect strong competition between renters will sustain near double-digit annual average rent increases.
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