The Toronto Condo Market This Week – January 20, 2017

Toronto’s sizzling housing market is spilling over into the region’s rental market, pushing up rents to new records as tenants fought over a shortage of rental listings.

Last year, sales of condo units in the GTA jumped 20.3 per cent compared with 2015, according to the Toronto Real Estate Board. That compares with a 10.5-per-cent increase for detached houses last year compared with the previous year.

According to data recently released by Urbanation, a firm that studies and collects information on the Toronto and GTA condo markets, condo rents in the 905 are up six per cent.

Toronto’s house prices have been soaring to beyond affordability for many buyers. Now it appears that the nearly half of the city’s residents who rent their homes could also see runaway price growth.