“It’s not just the home ownership market that is tight in the Greater Toronto Area. Demand for condominium apartment rentals remained very strong relative to available listings. As a result, strong competition between renters prompted very strong growth in average rents, particularly for the popular one bedroom and two-bedroom apartment categories,” said TREB president Mark McLean.
Toronto renters can expect to pay an average $1,662 for a one-bedroom apartment (up 4.8 per cent from March 2015) or $2,375 for a two-bedroom apartment (up 8.9 per cent.)
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Milton, Mulgrave-et-Derry, Woody Point, Bristol, Atikokan
The rental market in the Greater Toronto Area remains tight according to new figures from the Toronto Real Estate Board. Its rental market report for the first three months of 2016 shows that there was a year-over-year rise of 6.5 per cent in condo apartment rentals through the MLS.