Greater Toronto Area Rental Market Report January Q4 2018, Steve Moran, Remax

Condo rents climbed sharply in the Greater Toronto Area in 2017 as population growth and low supply pushed vacancy levels below 1 per cent.

The average rent for a one-bedroom condo in the GTA climbed to $1970 in the fourth quarter of last year, while rent for a two-bedroom condo increased to $2627.

Rental supply has not kept up with the increase in demand in recent years. The result has been low vacancy rates and intense competition between renters for available units.

Looking forward, there is concern that the Ontario government's expanded rent control protection for tenants will slow the pace of construction of rental buildings. Going further, it is possible that current owners of condos could choose to list their units for sale to take advantage of recent price gains rather than rent their units to tenants under the new rent control regime.

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