Average GTA rents jump 21% from year ending August: report

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The GTA keeps getting more expensive for renters.

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Average monthly rents in the GTA rose 21% — or $430 — for all property types in the year ending August. Monthly rent rose to $2,528 in August from $2,098 a year earlier, according to the latest rent report from Rentals.ca and Bullpen Research & Consulting.

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Rental rates have appreciated 28.2% from 2021 COVID-related lows, the report says, which attributes the rise to the Bank of Canada’s decision to raise interest rates.

Rising interest rates have made owning a home more expensive, leaving renting a more viable option.

“From May to August, the Greater Toronto Area rental market saw four significant monthly rent increases as tenant demand soared due to changes in interest rates, a price correction resale homes and the typical seasonal rise in the fall,” said Ben Myers, President. of Bullpen Research & Consulting.

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“Pageviews per listing on TorontoRentals.com hit a multi-year high in August, growing 106% annually and 166% from the August 2020 pandemic. Prospective tenants are seeing limited vacancies due to an extreme imbalance between supply and demand, with year-to-date new home completions down 22% annually in the metro area, according to CMHC. »

In Toronto, the average apartment rent rose 30.7% — or $600 — to $2,533 in the third quarter, from a low of $1,938 in the first quarter of 2021.

Average third quarter rents increased 13% from the second quarter.

Third and second quarter comparisons show that monthly rents increased 10.1% in North York, 9.4% in Scarborough, 5.7% in Etobicoke and 5.1% in Mississauga.

In August, the average rent for condominium apartments in Toronto was $2,963, a 43% increase from the smallest COVID-19 drop in 2021 which saw renters find units for less than $2,100 .


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