Warning: "continue" targeting switch is equivalent to "break". Did you mean to use "continue 2"? in /homepages/37/d751463720/htdocs/wp-content/plugins/a3-lazy-load/admin/admin-interface.php on line 387 Toronto real estate market 2018 - Condo rentals Toronto GTA - rent growth had double digit growth since 2017. Renters stay with less choices in the rental real estate market. - Real Estate and Professional Appraisal Services in CanadaYour SEO optimized title
New TREB statistics published for the second quarter of 2018 for real estate market 2018. For Condo rentals Toronto GTA, the average one bedroom condo monthly rent in second quarter of 2018 has topped $2,055 a month. This average was only $1,861 a month on the same quarter in 2017. That means an average of 10.43% only in one year!
A similar trend has been reported for bachelor type condos with 10.64% increase comparing the second quarter of 2017. This situation is similar for two and three bedroom condos in GTA. The average monthly rent for two bedroom condo for second quarter of 2018 in the GTA was $2,755 (8.8% increase). The same trend is for three bedrooms with $3,469 (10.2% increase).
New mortgage regulations enforced in 2017 imposed more severe conditions for buyers. Despite imposing new restrictions for rent controls, it seems that these controls on rent have not calmed the strong upward trend on Condo rentals Toronto GTA. New condominium apartments entering the market have not been enough to establish balance in the condo rental market. Consequently, the strong competition between renters continues to raise average rent increases to double digit annual average rent increase
Many people thought that buyers would prefer renting as ownership costs have surged. But now, sharp rent growth since last year may force many renters to think differently. They have increasingly fewer choices for finding a place to live.