Advertisement 1

Toronto condos lead GTA rental surge with 24% gain in April, report finds

Overall rents up 12 per cent

Article content

Monthly rents in the Greater Toronto Area increased by an average of 12 per cent year over year in April and are expected to continue to rise, albeit more slowly, according to a new report by a rentals website.

The latest Bullpen Research & Consulting and TorontoRentals.com rent report, which analyzed monthly, quarterly and annual rates and trends in the Toronto and GTA markets, found average monthly rent increased in April to $2,204 from $1,974 in April 2021 when all property types were taken into account.

Advertisement 2
Story continues below
Article content
Article content

Toronto condominium rents saw the largest gains, surging by more than 24 per cent to $2,583 from $2,077.

“Overall, the GTA rental market has flattened out this year, however, the downtown condo rental market is hotter than any period since the fall of 2019,” Ben Myers, president of Bullpen Research & Consulting, said in a press release.

The downtown condo rental market is hotter than any period since the fall of 2019

Ben Myers

As the economy continues to reopen and workers return to downtown offices after two years, demand for downtown condo rents have skyrocketed back to pre-pandemic levels.

While the report said rents are expected to continue to increase, they may not be at the same pace as the one experienced in the second half of last year.

Average monthly rents saw eight consecutive months of increases from April 2021 following a decline for most of 2020 and early 2021, when the COVID-19 pandemic hit markets the hardest.

Condos were hit the hardest but are recovering the quickest.

Recommended from Editorial
  1. A for sale sign outside a home in Toronto.
    Toronto home prices could fall 20%: homebuilder
  2. A construction worker works on a new house being built in a suburb located north of Toronto in Vaughan, Ont.
    Trudeau's housing crisis fix is missing one key element: more workers to build homes
  3. Ontarians support a sellers’ right to decide how and to whom they sell their property. But they do not favour sellers exclusively over buyers.
    Home seller rights do not trump homebuyer rights: Ontario survey
Advertisement 3
Story continues below
Article content

The report found that condo apartments had an average monthly rental rate of $2,509, a 21 per cent increase from April 2021’s $2,067 per month average, also representing a month-over-month increase of 3.6 per cent. This average is now higher than the pre-pandemic rate of $2,473 per month in February 2020.

Mississauga condo rents were a close second to those in Toronto, with nearly 24 per cent growth to $2,632 from $2,126.

Scarborough had the lowest April growth rates, but still rose nearly 15 per cent year over year to $2,253 from $1,963.

Meanwhile, rent for all Canadian properties listed on nationwide rentals website Rentals.ca averaged $1,821 per month in April, an annual increase of nine per cent from $1,676 per month in April 2021. This puts Greater Toronto Area prices well above the national average.

• Email: dpaglinawan@postmedia.com | Twitter:

Article content
Comments
You must be logged in to join the discussion or read more comments.
Join the Conversation

Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.

This Week in Flyers