With many Canadians having the second shot of the COVID-19 vaccine, coupled with businesses slowly reopening, the Toronto rental market may see a rise in prices.
According to data compiled by Rentals.ca, the average price for a rental property in the GTA rose in May. Rental prices for condo and apartments creeped up by 1.5 percent last month when compared to April.
“The rental market in the GTA has turned a corner and is trending back up again; bad news for tenants, and good news for landlords,” said Ben Myers, President of Bullpen Research and Consulting. “With Toronto entering the next stage of COVID-19 reopening, tenants will be reminded of the benefits of a centrally located apartment or condominium rental, as patios fill up and boutique retail shops open. We expect an increase in leasing activity as tenants look to take advantage of the current incentives at many buildings before they disappear.”
Myers is suggesting that Toronto rentals will post record gains of 12 to 14 percent range in 2022, mainly due to the border between Canada and the United States reopening, businesses being fully operational, and with international students returning to school campuses.