Sarah Niedoba Apr 12, 2018
Toronto home sales might have fallen in the first quarter of 2018, but rents certainly didn’t.
According to a report released today by Urbanation, the average monthly rent for a condo in Toronto jumped 10.7 per cent to $2,206 in Q1, the second biggest increase since 2010 (after Q3 2017’s 11.5 per cent jump.)
That jump in prices comes as supply levels continue to fall. The number of rented condo units dropped 12 per cent year-over-year in Q1, with the level of available new condos falling to 1,945, the lowest level in eight years.
And for those hoping that supply levels might increase as condo investors place more of their units on the market, it’s worth noting that the average annual income required to buy an average Toronto resale condo has also gone up. It’s now $100,000, up from $77,000 this time last year.