According to a recent report, the rental prices in GTA saw the highest hike since 2019.
According to the President of Bullpen Research and Counselling, Ben Myers, COVID declines may soon be a thing of the past.
He further added, “Reduced supply coupled with increased demand via immigration, more students, and recent graduates moving out of their parents homes have contributed to the rapid rise in rental rates.”
As the market is continuing to recover from the COVID 19 pandemic, the average monthly average is continuing to rise. Despite the rise, the rental process in May still haven’t reached the pre pandemic levels.
According to the report, the average monthly rental in May was $2327/month, which was 5.7% more than in April.
Toronto saw the highest average monthly rent in May with a year-over-year increase of 19.8%
Burlington saw the second fastest increase in the average monthly rent with an annual increase of 18.3%, which was followed by 17% in Etobicoke.
According to the report, Vaughan was the only region which saw the average rent fall by 6.6%.