Average cost to rent a condo in Toronto goes way up
The Toronto real estate market is a runaway train. But while we usually talk about detached, single family homes, it's time to turn our attention to the condo market.
It might seem like there's a new condo development going up daily, but according to a new report from the Toronto Real Estate Board on the third financial quarter of 2016, year over year, new listings were down 13.1 per cent.
Sales, however, were up 22.1 per cent and the average price of a condo in Q3 (July, August and September) was $415,643.
"The annual rate of condominium apartment price growth has accelerated over the past year as the supply of units available for sale became more constrained while demand remained strong," says Jason Mercer, TREB's director of market analysis in the report. "With this said, however, annual rates of price growth remain well-below those for low-rise home types."
That has a significant ripple effect on the condo rental market. Unsurprisingly, rent seems to be going up. "Average one-bedroom and two-bedroom condominium apartment rents were up substantially in the third quarter compared to 2015. The average one bedroom rent was up by 7.2 per cent to $1,777. The average two-bedroom rent was up by 7.9 per cent to $2,419," reads the report.
So what can $1,777 get you in Toronto? Take a look.
Photo by Brady Baker via the blogTO Flickr pool.
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