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Average rent for a one-bedroom condo in Toronto shoots up to $1,777

It's up 7.2 per cent from the same period last year, says a new report from the Toronto Real Estate Board.

A new report from the Toronto Real Estate Board shows the average rental price for a one-bedroom condo in Toronto up 7.2 per cent from the same time in 2015.

Torstar News Service file / Torstar News Service Order this photo

A new report from the Toronto Real Estate Board shows the average rental price for a one-bedroom condo in Toronto up 7.2 per cent from the same time in 2015.

A one-bedroom condo of one’s own? Try $1,777 a month, Toronto.

The average price for such a cozy space has shot up 7.2 per cent from the same time last year, according to a new report from the Toronto Real Estate Board.

If you need more space than that, a two-bedroom condo now  averages about $2,219, almost 8 per cent more than the same period in 2015.

The high prices won’t come as a surprise to many Torontonians struggling to find affordable places to live — something that’s getting harder and harder to eke out in the city.

“Not unlike what we’ve seen in the home ownership market we’ve also seen a tightening in the rental market as well,” said Jason Mercer, director of market analysis at the Toronto Real Estate Board.

It’s partly due to the fact that fewer condo projects were completed during the third quarter of 2016, compared to last year, he said.

It’s hard to say if the increase in rents will continue, Mercer added.

If there’s an “uptick” in completed new buildings next year it could help ease prices somewhat, but everything could be complicated by the new federal mortgage regulations, he said.

The “jury is still out” no the impact those rules will have. But, they could cause some would-be first-time buyers to stay in the rental market, Mercer said.

“Either way could see an increase in demand, or you could see not as much turnover in rental stock because people stay put.”

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