Condo rents reach new record high in Toronto despite weakening housing market

released by the Toronto Region Real Estate Board for the second quarter of 2022 shows that the average rent charged for one-bedroom and two-bedroom condominiums has now reached a new record high, after plunging earlier in the COVID-19 pandemic.

Smaller bachelor units were up a staggering 25 per cent to $1,829 per month but have not yet reached the peak reached in the third quarter of 2019. The average cost of a home in the GTA has now fallen for four consecutive months and at least one major bank is warning of a “historic” housing correction that could ultimately see prices drop by as much as 14 per cent from peak to trough.The latest data from TRREB suggests that rental listings were down 30 per cent year-over-year in the second quarter, resulting in a significant increase in competition for some units.

“Competition between renters continues to heat up, resulting in extremely strong upward pressure on average rents,” TRREB Chief Market Analyst Jason Mercer said in the release. “Rental supply remains a major issue in the GTA and will become more pronounced in the short term, as an increasing share of well-employed individuals turn to the rental market.”

Canada is too big to have a housing problem

Don’t worry the depression coming will stop it when everyone leaves Canada

Investors need to make their $$. Investors bloody well are the root cause of skyrocketing rents!

In Hamilton it's getting bad. For example 2700 a plan month for 2 bedroom main floor only. Or you can rent new build homes with stupid clause

Keep voting Liberals, people.

Supply and demand; and increase costs due to inflation.

Poll: Are renters being exploited?

Duh because they are all choosing to rent them out for $4000 month instead of selling when the market is lower taking advantage of renters who can't afford to enter the housing market

And no one wants to rent to people in the GTA. Our landlord sold, we've been looking since March and no one wants to work with us despite having the money. So now I have to take my disabled fiancee, my 10 year old a 6 month into a hotel because we have no where to live

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Doug Ford relists his house for $400K less as GTA real estate market continues to weakenIt is a tough time to be selling a house, even for the premier of Ontario. Bubble bursted a long time ago on that place too much renovation upkeep....😏 ONpoli Losing 12% of in 2 weeks? Now he knows how every nurse in Ontario feels.
Source: CP24 - 🏆 30. / 67 Read more »

Doug Ford relists his house for $400K less as Ontario real estate market weakensDoug Ford put his Etobicoke home up for sale on July 15 with an asking price of just under $3.2 million. But that listing was terminated on Monday and the premier has now relisted the property at $2,800,888. Guys just gonna live at the cottage now. Make on offer with it furnished, the mattresses and couch cushions are stuffed with cash. fordnation - this is not the time to sell. Rates are going up again. What until the next upswing. Just pull out big equity and renovate the cottage.
Source: CTVToronto - 🏆 9. / 84 Read more »