In recent years, the Toronto rental market has experienced some of the lowest vacancy rates in its history, due to limited available supply and very high demand.
However, the economic impacts of COVID-19 have affected the Toronto rental market this year. With things like social-distancing, border closures, restrictions on businesses, and thousands of people working from home - the Toronto rental market dipped significantly in Q2 of 2020.
Most areas in the City experienced an increase in the number of rental listings added, while the number of leased units dropped. For the City of Toronto as a whole, condo rental listings went up 45% year-over-year in Q2, while the number of condos leased declined 25%.
Average rental prices also dipped 6% (y-o-y) to $2,357 in Q2.
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