The Canadian PressTORONTO—A report by real estate market research firm Urbanation Inc. says rents in the Greater Toronto Area are rising fast, echoing the latest numbers from online rental platforms about other major Canadian cities.
It says annual rent growth reached 16.7 per cent as the vacancy rate has dropped to 1.4 per cent from 5.1 per cent a year ago. The report for June from Rentals.ca found that average rents in Canada were up 9.5 per cent from a year earlier, while Vancouver had a 24.7 per cent jump from a year earlier and Calgary saw a 26.1 per cent increase.
The Urbanation data found while prices for studio apartments were still about one per cent below pre-pandemic rates, one-bedroom apartments with a den have seen prices up 6.4 per cent compared with 2019 and two-bedroom-plus-den rentals are up 9.4 per cent.