GTA rent prices dip for the first time in eight months: report
After eight straight months of increases, GTA rent prices finally took a slight dip in December.
A new report from TorontoRentals.com and Bullpen Research & Consulting reveals that last month, GTA rent prices fell 0.8% month-over-month to $2,150. After bottoming out in March, GTA rent prices had been steadily climbing back up, though not reaching pre-pandemic prices with December’s average still sitting 13% below November 2019’s high of $2,461.
As to be expected, the most expensive rent prices were found in Toronto’s downtown core. The Bay Street Corridor is home to the highest average monthly rent at $2,608, followed by Waterfront Communities-The Island at $2,532 and Niagara at $2,528.
TorontoRentals.com
Anyone hoping to find some of the cheapest rents in Toronto will want to look to Cabbagetown-South St James and South Parkdale, with average rents of $1,722 and $1,772, respectively.
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Although rent prices overall fell in December, condo apartments in Toronto, North York, Etobicoke, Scarborough, Mississauga, and Brampton all saw monthly rents go up.
“Average rents for investor-held condominiums increased by nearly 18% annually in Toronto, after an unprecedented drop of almost 21% a year earlier,” said Ben Myers, president of Bullpen Research & Consulting. “Rapid resale price growth and anticipated interest rate hikes will likely continue to fuel tenant demand, with the expectation that rents will surpass their late-2019 peak levels by the end of 2022.”