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Toronto rents soar 20% to record amid high demand, fewer listings

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Some landlords have been closing offers with down payments of four months to one year worth of rent, one realtor says. Read more.

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.

 

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