Toronto-area condo rents dip for 1st time in 3 years: Urbanation

A caller study says condo rents successful Canada’s mostly densely populated region person dipped for nan first clip successful 3 years.

The study from Urbanation Inc. says mean condo rents connected caller leases successful nan Greater Toronto and Hamilton area were down 1.2 per cent successful nan 2nd 4th compared pinch past year.

It says rent for nan April to June agelong averaged $3.97 per quadrate foot, aliases $2,723 for a 686-square-foot apartment, down from $4.02 per quadrate ft during nan aforesaid clip past twelvemonth to people nan first diminution since 2021.

Shaun Hildebrand, president of Urbanation, says nan flimsy pullback successful rents is chiefly owed to a spike successful condo completions but that nan inclination isn’t apt to past arsenic caller condo income and starts person dropped disconnected substantially.

For purpose-built rental apartments completed since 2000, rents roseate 2.2 per cent from past twelvemonth to an mean of $4.08 per quadrate foot, which included a 0.5 per cent dip in Toronto rents and a 7.7 per cent jump successful nan wider region.

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Purpose-built rental flat vacancies person climbed from 1.6 per cent successful nan 2nd 4th of 2022 to 2.7 per cent past quarter, while rental flat building starts were up 43 per cent from past year.