The Toronto area’s rental market is under considerable pressure and getting squeezed. The vacancy rate in the Toronto area has consistently been below 3.0%, and average rent for available units has been rising at more than 3% per year. With low vacancy and above-inflation rent increases, our rental market, much like the home-ownership market, is not healthy. This report examines the policy actions necessary to improve the state of the rental market for the Toronto area by adding 8,000 new purpose-built rental units to the market per year.
Produced in collaboration with Evergreen. Research was supported by the Government of Ontario.