Report 07/19/23

GTA Rents Hit Another Record High with Vacancy Below 2%

A closeup of Waterworks Residences showing the windows and balconies

Double-Digit Rent Growth Continued in Q2. The annual rate of rent growth for units leased in condominium projects during Q2-2023 was 12.6%, pushing rents to a record high average of $2,803 or $4.03 per square foot based on an average 695 sf unit size.


While this was a somewhat slower annual pace compared to Q1-2023 (13.6%) and Q4-2022 (16.9%), it represented the seventh straight quarter of double-digit rent inflation. Over the past two years, condo rents in the GTA have risen by a total of 31.7%.


Available units in newer purpose-built rental projects completed since 2005 in the GTA experienced similar annual rent growth of 13.3% in Q2-2023, with average rents rising to $2,944 or $3.91 psf based on an average 752 sf unit size.