URBAN EXODUS FROM TORONTO SEES CONDO RENTAL LISTINGS SOAR

The number of condominiums put up for rent in Toronto more than doubled in the fourth quarter compared with a year earlier, a sign of a growing exodus of people from the city's downtown to more spacious accommodations in the suburbs. The 132 per cent surge in supply sent rents tumbling in Canada's financial capital, one of the country's priciest cities for housing. The average rent for a one-bedroom condo fell almost 17 per cent from a year earlier to $1,845, while costs for a two-bedroom unit dropped about 15 per cent to $2,453, according to data released Wednesday from the Toronto Regional Real Estate Board. “Growth in the number of available units far outstripped growth in rental transactions,” Lisa Patel, president of the TRREB, said in the report.