The end of the COVID-19 pandemic is impacting Toronto's condo market significantly, with data showing that units are now more expensive than they were in the past few years.
Bullpen Research & Consulting Inc and TorontoRentals.com report that this August, on average, landlords and owners were asking for $2,963 per month to lease a condo in the city. This marks a 43% increase from the $2,100 per month residents were paying in 2021.
The aftermath of the last two years has scrambled the Greater Toronto Area's condo market. For example, in August of 2019, Mississauga had lower condo rents in comparison to Etobicoke and North York.
However, the municipality experienced a notable price surge this year, with units rising to an average of $2,767 per month, marking an increase of 13.3% in just three years. At the same time, rent in Etobicoke and North York are around $2,723 and $2,570, respectively.
The average rent for Toronto apartments also increased considerably during the third quarter of 2022.
"From a low of $1,938 per month in Q1-2021 to $2,533 per month in the third quarter of 2022, rents increased nearly $600 or 30.7% since the early months of last year. The quarterly increase in Q3-2022 was a whopping 13.8%," the report states.
The city recently ranked second in a list of 35 cities for the highest monthly rent in August for a one-bedroom, $2,329, and the average monthly rent for a two-bedroom, $3,266.
The demand for renting in Toronto dropped during the first year of the pandemic when experts spotted a trend of residents leaving cities for more affordable and spacious locations.
Additionally, the sale of GTA single-family homes dropped to an "all-time low" in July of 2022.