Average rents in the GTA shoot up almost 20 per cent in the past year:Average rents jumped 3.1 per cent in June, the second highest monthly increase in over three and a half years, a new report says.

The average monthly rent in Toronto shot up by 20 per cent in the past year, fuelled by pandemic reopening, slowing home construction and a spike in interest rates that sidelined prospective homebuyers.