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Rents fell in Toronto this summer as condo listings surged nearly 114 per cent

The CN Tower stands between a couple of condo towers in downtown Toronto, Ontario on Saturday, August 5, 2017. THE CANADIAN PRESS IMAGES/Don Denton

TORONTO — The Toronto Regional Real Estate Board says rental listings more than doubled in the third quarter, as investors pulled their condos from platforms such as Airbnb and put them onto the traditional rental market instead.

TRREB says there was a nearly 114-per cent surge in the number of condos listed for rent in Toronto this summer, driving down rents for units of all sizes.

Board President Lisa Patel says the growing pool of condos on the market led to more choice and negotiating power for renters this summer.

Although there was a 30 per-cent year-over-year increase in the number of condos rented, the 14,036 new leases signed weren’t enough to keep up with the wave of 34,971 new rental listings.

Rents for one-bedroom units, the most popular size on the market, fell by more than 11 per cent to $2,012 in Toronto during the quarter, down from $2,262 in summer 2019.

The board says the rent price for bachelors, two-bedroom and three-bedroom condos also fell during the quarter.

This report by The Canadian Press was first published Oct. 23, 2020.