Condo Rents in Greater Toronto Area Reach New High as Demand Outstrips Supply: Report

'It's concerning to see rental demand and supply deviate so strongly,' says president of research firm

Condo towers dot the Toronto skyline as a pedestrian makes his way through the winter landscape on Jan. 28, 2021. Frank Gunn/The Canadian Press

Condo rents in the Greater Toronto Area have reached a record high as demand exceeded growth in supply for the fifth consecutive quarter, a new report by market research firm Urbanation Inc. finds.

Released on July 19, the report found that the average condo rent in the GTA rose 5.9 percent in the second quarter of 2022 compared to the previous quarter, and 16.7 percent year-over-year.