CON ERRA CON ERRA RESTORATION LTD.

Parking Structure & Building Repair Specialist

GTA condominium rents rose 17% in 2022

According to the latest data from Urbanation, the annual rate of rent growth in the GTA, as measured through condo lease transactions, averaged 16.9 per cent during 2022 following a 0.5 per cent decrease in 2021 and a 6.8 per cent decrease in 2020. On balance, rent inflation was below normal over the past three years at an average of 3.2 per cent compared to the latest 10-year average of 5.1 per cent.

“After surging throughout most of 2022, rents started to show signs of levelling out towards the end of the year, which should provide some temporary relief for renters,” said Shaun Hildebrand, President of Urbanation. Nonetheless, it’s clear that the negative direction for new construction and positive outlook for demand will continue placing strong upward pressure on rents in the years to come unless more action is taken to boost rental supply.”

For units transacting in Q4-2022, average rents decreased 1.6 per cent quarter-over-quarter, back in line with typical seasonal trends. As Urbanation points out, these growth rates are exclusive to units that turned over into the unregulated market. The vast majority of units do not turn over annually, are built before November 15, 2018, and are subject to the provincial rent increase guideline of 1.2 per cent.

Get the full report at www.urbanation.ca