Toronto condo rents skyrocket as supply reaches ‘critically low level’.

Original article via Financial Post. Click here to read.

Rents for condominiums in the Toronto area skyrocketed in the second quarter amid a slump in leasing activity and a severe lack of supply.

Average rents rose 11.2 per cent in the second quarter compared to the same period last year, hitting $2,302 for an average unit of 732 square feet, according to Urbanation Inc., a firm that collects and analyzes data on the Toronto condo market.

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