The rental market in Toronto has hit a record high, with the average rent for purpose-built rental buildings soaring to over $3,000 in the first quarter, the latest data shows.
According to the latest figures released by Urbanation, the average monthly rent for purpose-built rentals in the Greater Toronto Area (GTA) reached a record high of $3,002 during the first quarter of 2023. This is a significant increase from the average rental price of $2,441 during the same period last year.
The annual rate of increase for purpose-built rentals in the GTA during Q1-2023 was 13.8 percent, based on units that turned over during the same period last year. While this is higher compared to the 4 percent annual rent growth recorded in the same quarter of 2022, it was slower than the 15.1 percent annual rent growth in Q4-2022….