The rental market in Toronto has hit a record high, with the average rent for purpose-built rental buildings soaring to over $3,000 in the first quarter, the latest data shows.
According to the latest figures released by Urbanation, the average monthly rent for purpose-built rentals in the Greater Toronto Area (GTA) reached a record high of $3,002 during the first quarter of 2023. This is a significant increase from the average rental price of $2,441 during the same period last year.
