Greater Toronto Area Rental Market Report in Q3 2018, Steve Moran, Remax
The more affordable housing option is becoming that much less affordable as condo rates surge in the Greater Toronto Area.
The latest report, from the Toronto Real Estate Board, showed robust average annual rent increases for condominiums in the third quarter of this year. Average rent for a one-bedroom unit surged 9.2 per cent to $2,163 from a year earlier, while that for a two-bedroom unit climbed 8.3 per cent to $2,822.
Sustained population growth and low unemployment continued to drive demand for condominium rentals in the GTA in the third quarter.
Recent major investment announcements positively impacting the GTA economy will only further cement the demand for rental housing, as people move to the GTA to take advantage of quality job opportunities.
Looking forward, policy makers need to identify and fix existing policies that are hampering the ability to bring more rental supply on line. These same policy makers also have to develop new policies that could promote the development of more rental units moving forward.