Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls (September 6, 2017)

Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls > LINK

Landlords are boosting rents to try and beat new rent control rules brought in across the province in April

 

Rental rates in Ontario soared just before the province implemented its expanded rent control rules in April, according to a report out Friday.

Condominium research firm Urbanation Inc. said the 5.1-per-cent jump in rents from the first quarter to the second quarter was the largest quarterly increase on record and sent the average rent in the Greater Toronto Area condominium market to $2,073 per month — based on average rent of $2.89 per square foot and an average condo size of 717 square feet, which was down from 741 square feet a year ago.

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