Toronto’s apartment crunch is finally easing as new supply hits the market and the removal of rent controls leads to record units on the drawing board, according to a new report.
The vacancy rate rose to 1.5% in the second quarter, the highest since 2015, when research firm Urbanation began tracking the data. Rent increases eased to 7.6% from 10.3% last year, bringing the cost of an average-sized unit of 794 square feet to C$2,475 ($1,894).
Conditions eased as nine buildings totaling 3,078 units began occupancy in the 12 months through June, a 25-year high for annual completions. While construction has taken a step back, the number of units proposed by builders reached a record 44,093 units in the second quarter, Urbanation said Friday.