<p>TORONTO – A new report says the cost of renting a condo in Toronto climbed almost seven per cent in the first quarter of this year.</p>
<p>Real estate consulting firm Urbanation says average condo rents in Toronto rose to $2.53 per square foot, or $1,891 a month, in the three months ended March 31.</p>
<p>That’s up by 6.8 per cent from a year ago.</p>
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<p>Urbanation’s senior vice-president, Shaun Hildebrand, attributes the increase partially to the fact that many would-be buyers are getting priced out of the home ownership market, pushing demand for rental units higher.</p>
<p>Hildebrand says strong economic fundamentals such as employment and population growth also contributed to higher rents.</p>
<p>Meanwhile, the number of applications to build rental-only buildings jumped by 40 per cent in the first three months of the year.</p>
<p>“Even with record numbers of condos coming up for rent by investors, conditions have tightened, supporting increased rental development,” Hildebrand said in a statement.</p>
<p>The post <a rel="nofollow" href="http://www.moneysense.ca/spend/real-estate/toronto-condo-rents-soar-6-8-in-first-quarter/">Toronto condo rents soar 6.8% in first quarter</a> appeared first on <a rel="nofollow" href="http://www.moneysense.ca/">MoneySense</a>.</p>
