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A first quarter 15.1 per cent year-over-year hike in the cost of renting a one-bedroom condo in the GTA is setting the stage for a resurgence of buyers fed up with the high cost of paying a landlord, says the Toronto Regional Real Estate Board (TRREB).
“Tight market conditions are resulting in an unsustainable pace of rent growth,” said TRREB in a news release Thursday.
Competition among renters is growing despite a 10.2 per cent boost in the number of listings on the real estate industry’s Multiple Listings Service (MLS) in the first three months of the year. The number of units leased in that period rose 4 per cent over last year’s first quarter.
The quarterly average monthly rent of a one-bedroom unit climbed to $2,474. Two-bedroom units averaged $3,162 in the first quarter, a 9.2 per cent year over year increase.
“Despite increased interest rates, mortgage payments