Average cost of renting a two-bedroom in Toronto soars by 24% to more than $3,300

A limited supply of rentals and rising interest rates mixed with potential homeowners waiting to buy and the return of post-secondary students all factor into the rising costs, experts say.

Toronto’s rental housing prices keep on soaring, driven by tight supply and would-be homeowners deciding not to buy because of rising interest rates.

A rapid series of interest rates hikes by the Bank of Canada has been one of the biggest drivers of the rental market, said Hildebrand. People who would otherwise be looking at buying a house are instead deciding to keep renting. The Bank of Canada raised its key overnight lending rate by 50 basis points to 3.75 per cent in October, and said more hikes were needed to fight inflation.

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