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Toronto Condo Rentals Hit Record High in Q2

Toronto Condo Rentals Hit Record High in Q2

The number of condos rented in the GTA last quarter hit a new high of 8,200 units, representing 22% year-over-year growth in Q2 and double the growth seen in previous quarters, according to Urbanation. Rents increased for the first time in two years, up 1.7% to an average of $1,817, while average size fell to  734 SF, an all-time low. Rental demand continues to “defy expectations,” Urbanation SVP Shaun Hildebrand said, noting absorptions have grown in tandem with record condo supply levels and rents have proven “remarkably resilient.” Yet the number of new rental units being developed (3,667) and proposed (9,350) hasn't changed since Q1. “It’s actually surprising there hasn’t been more action on the purpose-built rental development front.”