The financial squeeze continues for Toronto renters who have to move in today’s market, as new data shows the average one-bedroom listing hit $2,501 per month in February.
The Rentals.ca data, analyzed by research firm Urbanation, shows a 21.5 per cent increase in those asking rents over the last year. The average two-bedroom listing in Toronto meanwhile rose by 19.4 per cent year-over-year, the report notes, to $3,314 per month in February.
— though potentially more moderate ones than seen recently — given Toronto’s ever-rising population and the number of would-be homebuyers that continue to be priced out of the real estate market. Hildebrand sees some indication of the market moderating in recent months, with February listing costs for the GTA dipping ever-slightly from three months ago — a change of 0.9 per cent. “The market got a bit too far ahead of itself. Rents rose too fast in a short period of time.”
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