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Rent $3,000 a Month?
Toronto has seen a boom in employment with higher income earnings sectors such as healthcare, technology and finance really leading the way. Most of the net new rental demand that's being created in the GTA right now is amongst income earners above $80,000 a year,. So for them, these rents are, you know, 30% of their household income. The average rent on a newly completed purpose built rental is very close to the average condo rental. It's about $2,800 a month and a lot of those units, as you say, are renting for over $3,000 a month.