Toronto's rental market is skyrocketing as prices soar amid limited inventory, the latest data shows.
Toronto's rental market is skyrocketing as prices soar amid limited inventory, the latest data shows. The average price for a one-bedroom apartment in the Greater Toronto Area climbed to $2,481 in the third quarter of 2022, up 20.4 per cent compared to this time last year,Listings for rentals fell 25.6 per cent at an annual rate, the data shows.
The drop in inventory means it is now even harder for a prospective tenant to find a rental in Toronto than it would have been this time last year, the report indicated. The upward pressure on prices is also coming in part from would-be first-time homebuyers who are being forced into the rental market amid higher borrowing costs, the report cited.