Toronto condo market heats up as rent for bachelor hits $1,657.

Original article via BNN. Click here to read.

Condo rents in the Greater Toronto Area have gotten pricier as it becomes harder to find vacant units amid strong demand, according to new data from the Toronto Real Estate Board.

The data, released Monday, revealed the average rent for a bachelor apartment surged to $1,657 in the first quarter of 2018, a 10-per-cent-increase from the $1,507 average a year earlier.

The price surge was even greater for one-bedroom condo units as rents rose 11.4 per cent year-over-year in the first quarter to $1,995 per month, while the average two-bedroom condo rent rose 9.1 per cent over the same period to $2,653.

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