The average monthly rent in the GTA shot up by 19 per cent in the past year, fuelled by increased demand from pandemic reopening, slowing home construction and a spike in interest rates that sidelined prospective homebuyers.
“Following two consecutive months of outsized rent growth of over three per cent monthly, average rents in the GTA are up 19 per cent annually, but remain below peak levels from late 2019,” Ben Myers, president of Bullpen Research & Consulting, said in a statement. While Toronto saw substantial growth, Mississauga led the GTA for the highest average rent increase for condominium rentals — a 25 per cent year-over-year jump to $2,820 per month in June.
In the GTA, studio, one-bedroom, two-bedroom, three-bedroom and four-bedroom units all experienced an annual increase in average rents in June. “The rise in borrowing costs has shifted demand from the ownership market to the rental market, which has impacted the luxury rental market with the 90th percentile rent climbing 21 per cent annually, compared to nine per cent for the 10th percentile,” Myers said.
Or the people with 3-4-5+ mortgages on rentals trying to maintain their income.
It’s criminal
Control rents now, control rents forever.
2.4 million immigrants fixes this.
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