Condo rents in Toronto just climbed to a record high

Another day, another update on the ridiculous price of living in Toronto.

According to real estate group Urbanation, the average price of renting a condo in the city just broke a record. 

After a 7.6 per cent jump from last year, the new average price for condo renting is a staggering $2,385 per month.

The cost of rent per square foot went up by 9.4 per cent, or $3.26 per square foot.

Supply of new units is not growing fast enough to keep pace with the amount of buyers in the market, creating tightening conditions every passing quarter.

However, the number of units currently being constructed is at a 30-year high: 11,172. As these units are finished, it should ease a bit of the tight demand and short supply.