Average cost to rent a Toronto condo skyrocketed last year

It's scary scene out there for renters in Toronto, particularly when it comes to condo units.

Today, the market analysis firm Urbanation announced that rent prices grew by a startling 9.1 per cent year-over-year last quarter – meaning that the average monthly cost of a condo is now close to $2,200.

Blame a lack of supply and too much demand.

"Lower condo rental supply in 2017 was the result of an increased share of units resold as investors took advantage of quickly rising condo prices," writes Urbanation.

"At the same time, high rent levels and new rent control regulations are leading tenants to move less often, further reducing available supply."

Fortunately, there are 7,184 rental units being built across the city right now – more of them under construction at once than Toronto has seen in more than 25 years.

Developers proposed over 5,000 new, purpose-built rental units in the latter part of 2017, bringing the total number of condo units that could be built in coming years to 33,787.

These new places, when complete, could raise vacancy rates, soften demand, and lower (or at least stabilize) the average cost of rent in Toronto.

Here's to hoping.