Urbanation report says condo rents in Toronto up 11 per cent from year ago

TORONTO _ A new report suggests the average monthly rent for a condominium in Toronto in the first quarter was up nearly 11 per cent compared with a year ago.

Urbanation Inc. says average monthly rates increased to $2,206 based on average unit size of 740 square feet.

The increase came as the rental market saw a low amount of new supply, with the number of newly completed condo projects hitting their lowest level in more than eight years.

Recently introduced tougher mortgage rules, which...

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