Toronto’s sizzling housing market is spilling over into the region’s rental market, pushing up rents to new records as tenants fought over a shortage of rental listings.
Average rents for condos rose 11.7 per cent in the fourth quarter of 2016, compared to the same period a year earlier, hitting nearly $1,990 a month for a typical 719-square-foot condo, according to new data from Urbanation Inc., a consulting and market research firm that focuses on the Greater Toronto Area’s condo market.
Rents rose the most in the Toronto city core, where condos rented for an average of $2,134 a month in the last three months of 2016, up 12 per cent from a year earlier. Average condo rents rose 7 per cent to $1,857 in the inner suburbs of Etobicoke, North York and Scarborough. They rose 6 per cent to $1,739 in the 905 region around the city.