The average price of a one-bedroom unit was $2,500 in the third quarter of the year — a 20% year-over-year increase.
Finding and paying for a Toronto region rental got a lot tougher in the third quarter of this year with prices up annually in the double-digits and a shrinking pool of available condos.
The price of a one-bedroom apartment rose 20.4 per cent year over year in the last quarter to an average of $2,481 a month. Two-bedroom units increased 14.5 per cent in the same period to an average price of $3,184. “Investor owned condos have been an important component of the rental stock for more than a decade. However, the decline in rental listings over the past year are a further warning sign that the overall lack of housing in the region extends to the rental market as well,” he said in a release.