Toronto condo leases are being snapped up at record speed despite 10% hike in rents.

Original article via Financial Post. Click here to read.

Ontario’s expanded rent control rules, in place since April, couldn’t stop a 10.3 per cent hike in condo rents over the past year, according to a new study.

Condo research firm Urbanation Inc. said Thursday the average index rent in the third quarter of 2017 for condominium apartments transacted through the Multiple Listing Service in the Greater Toronto Area jumped to $2.99 per square foot. Based on an average condo size of 743 square feet, that brings the average rent to $2,219 – a $232 increase over the past 12 months.

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