Toronto-area rent prices ‘rise by fastest pace on record,’ new report says
Urbanation said the market “strengthened considerably” in the second quarter due to a reacceleration in population growth, near record-low unemployment, and a reduction in purchasing power as interest rates rise.The average per square foot condo rent price rose 5.9 per cent quarter-over-quarter to a new high of $3.57 “with annual rent growth reaching a record pace of 16.7 per cent,” the organization said.
“After seeing rents fall the most during the first year of the pandemic as renters moved out of small spaces in the core, with rents down by as much as 24 per cent for studios as of Q1-2021, studio and one-bedroom units recorded annual rent growth rates of 25 per cent and 19 per cent, respectively in Q2-2022,” the organization said.Studios were still down by one per cent, however, when compared to three years earlier.
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