The average rent for all property types across GTA was $2,528, an increase of $430 from $2,098 as compared to August 2021.
In August, the average monthly rents in the Greater Toronto Area surged 43 percent on a year-over-year basis, according to StatCan. Data shows that units are now more expensive than they were a few years ago as a result of the COVID-19 pandemic ending.
There has also been a sharp increase in the average rent for all types of property in August 2021, jumping by $430 to $2,528 from $2,098 in August 2021, exceeding the pre-pandemic high of $2,461 set in 2019. The average rent is 28.2 percent above the COVID low of $1,972 set in April 2021.
Rents have risen by 2.7% on a monthly basis in August, following a rise of 5.7% in May, which was also a multi-year high. The GTA has seen a rise of two per cent or more for four consecutive months.
It is apparent that the market for condos in the Greater Toronto Area has scrambled as a result of the last two years. Mississauga, for example, had lower condo rents in August of 2019 in comparison to Etobicoke and North York.
The municipality saw a marked rise in housing prices this year, with unit prices rising to an average of $2,767 per month, a 13.3% increase in just three years. At the same time, North York and Etobicoke have rental rates around $2,723 and $2,570, respectively.
As a result of the increase in apartment rents, the average net rent in Toronto jumped 20.1 percent. The Bay Street Corridor had the highest average net rent of $2,779. In the third quarter of this year, rents in Toronto have increased 13.8% over the first; North York (10.1%), Scarborough (9.4%), Etobicoke (5.7%), and Mississauga (5.1%) are just behind.