Toronto region condo rents dip for first time in three years

Condo rents in the Greater Toronto and Hamilton area have decreased for the first time in three years, with a 1.2% drop in average rents for new leases in the second quarter compared to last year. The average rent is now $3.97 per square foot, equating to $2,723 for a 686-square-foot apartment. This decline is attributed to an increase in condo completions, although the trend may not continue due to a significant drop in new condo sales and starts. Purpose-built rental apartment vacancies have also risen.