Toronto's condo rental market is beginning to mimic its ultra tight resale housing market, with soaring demand, lack of supply and costs rising to record levels. This lack of availability, Urbanation says, is sending condo rents skyward, with the number of units renting for above asking price, more than doubling from a year ago. Overall, condo rents rose nine per cent in the third quarter compared to the same period last year, with the average condo now renting for $29.14 per square metre ($2.71 per square foot), or $1,986 per month. The tougher stress test is expected to affect first-time buyers the most, which could put even more demand on the already stretched condo rental market. Condo rents in the old city of Toronto (not including the inner suburbs), which includes many of the highrises downtown, are even higher than those in the broader GTA.

Source: CBC News October 14, 2016 14:15 UTC