Toronto Condo Rents Rise for First Time in 18 months as Impact of Pandemic Recedes
Apartment rents increased for the first time in a year and a half in Toronto during the second quarter and also rose in Calgary as the impact of the pandemic receded, new studies show.
The rent increases were small, but marked a turning point. Toronto’s average rents per square foot increased 2 per cent (six cents per square foot) in the first quarter to $3.12 per square foot at the end of June, according to the surveys by Urban Analytics, a Vancouver-based real estate data provider. Still, vacancy rates increased, reflecting new supply and the lingering exodus of residents from some neighbourhoods.
