Average price of 1 bed in February is $2,500 a 21.5% increase from the previous year.
The rise in Toronto’s monthly rent does not seem to stop.
According to data released on the 13th by Urbanation, a real estate market analysis company, the average monthly rent for a one-bedroom in Toronto rose to $2,501 in February and $3,314 for a two-bedroom in Toronto.
One-bedroom monthly rent increased by 21.5% and two-bedroom monthly rent by 19.4% compared to the same period last year.
The report analyzed that one-bedroom monthly rent exceeds 30% of household income of less than $100,000 per year, and that Toronto renters continue to face financial pressure.
However, the Korean real estate industry predicted that the current market atmosphere has slowed down and that it will not be disadvantageous to tenants in the future.
On the 14th, Royal LePage broker Kim Hyeon-jae said, “Data-based real estate analysis data covers the situation from one or two months ago, so it is late to reflect the real-time market situation.” “As of March, except for some areas, Toronto overall “The demand and supply in the rental market are balancing.”
Broker Kim also questioned the prospect that the rent increase would continue into this year.
“I don’t think the rent will fall easily,” said Sean Hildebrand, chairman of Urbanation.
He said that except for some areas, such as North York, where the supply of new homes is low, the price increase in the Toronto rental market peaked in December last year and has been slowly stabilizing.
Broker Kim said, “32,000 units of condos have been completed in GTA this year alone, so the supply is quite large.