Home Economy Toronto rents up 26% over last year, national average to cool in October

Toronto rents up 26% over last year, national average to cool in October

by SuperiorInvest

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After breaking the $2,000-a-month mark in September, the national average rent for all property types fell in October, according to the latest report from Rentals.ca and Urbanation Inc. up 3.2 percent to $1,976

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While the month-on-month average decreased slightly in October, the year-on-year results increased by 11.9 percent. Rents charged last month averaged $209 a month higher than the same month a year ago at $1,767. The overall increase in rents is happening because many potential homebuyers are continuing to rent as interest rates rise and inflation is hot. The final announcement of this year’s interest rates by the Bank of Canada is expected in December.

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“The ongoing unprecedented rent growth is broad-based across Canada, with most markets showing double-digit annual rent inflation,” said Shaun Hildebrand, president of Toronto-based real estate research firm Urbanation, which released the report. “The rental market is heating up with every rise in interest rates, along with record high population growth. The need to increase rental supply has never been greater.”

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Atlantic Canada experienced the steepest increase in rental costs over the past year, with an average rent increase of 32.2 per cent. In Ontario, British Columbia and Alberta, rents have still increased dramatically over the past year, by 17.7 per cent, 15.1 per cent and 13.2 per cent respectively.

The Greater Toronto Area saw a larger increase than the province as a whole. Average rents in Toronto were up 26.8 per cent year-over-year, rents in Brampton were up 28.9 per cent and North York were up 24.2 per cent. Burlington and Mississauga saw increases of 18.5 percent.

The average monthly rent for condos and condominiums in Vancouver was $2,976, the highest among markets with more than one million residents. Meanwhile, rents in Toronto for apartments and condominiums bounced back to an average of $2,820 in October, up from $2,855 in September.

Edmonton remains the most affordable market in Canada with an average rent of $1,273.

• By e-mail: shcampbell@postmedia.com

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