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Rents reach record levels in Toronto

According to the latest Toronto Regional Real Estate Board (TRREB) report, average rents for one-bedroom and two-bedroom apartments are now both at record levels, surpassing the previous peak in Q3 2019.

The report reveals 13,203 condo apartment rental transactions reported through the TRREB MLS System in Q2 2022 – down 11.4 per cent compared to Q2 2021.

The dip in rentals was not the result of waning demand, but instead a much more pronounced dip in the number of rental listings, dropping by almost 30 per cent year-over-year. With less choice, it was much more difficult for renters to get deals done.

The average condo rents were up by double digits annually for all bedroom types in the second quarter. The average one-bedroom rent increased by 20.2 per cent year-over-year to $2,269. Over the same period, the average two-bedroom rent was up by 15.3 per cent to $2,979.