Average monthly rents on newly leased one-bedroom apartments in Canada’s largest city rose to $2,269 in the second quarter, up 20 per cent from a year earlier, the Toronto Regional Real Estate Board said Thursday.
The double-digit price gains reflect a decline in the number of leased listings, which are down 11 per cent from a year ago, according to the report. “Expect rental market conditions to tighten further in the coming months,” Kevin Crigger, president of the real estate board, said in the statement.
Thank a foreigner for that increase in demand.
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