A sure sign many people are being priced out of the home ownership market in Toronto.
A new report says the cost of renting a condo in the city has jumped almost seven per cent in the first three months of this year.
Real estate consulting firm Urbanation says average condo rents rose to $2.53 per square foot in Toronto, or $1,891 a month.
Contributing to the higher rents in Toronto appears to be employment.
Urbanation’s Senior Vice-President, Shaun Hildebrand, said in a news release, “The rental market is benefitting from strengthening fundamentals such as employment and population growth, but also quickly eroding affordability and intense competition in the ownership market.”