A woman walks past condo buildings in Toronto’s Liberty Village neighbourhood on July 13.CARLOS OSORIO/Reuters
It’s a landlord’s market in Toronto once again. Condo rents hit a record high in the second quarter of this year, as soaring borrowing costs pushed residents into the rental market and more people flocked back to the city.
Across the Toronto region, the average monthly rent rose 17 per cent to $2,533 over the past four quarters, according to industry research firm Urbanation Inc., with rent for a typical studio condo climbing 25 per cent over that period.
Rental rates have been increasing rapidly since the Bank of Canada started raising interest rates to get inflation under control. The benchmark interest rate is up 2.25 percentage points over five months, making it harder for prospective homebuyers to qualify for a mortgage, cooling the real estate market and raising the…
