The cost of living in the Greater Toronto Area (GTA) is skyrocketing, with the average monthly rent for purpose-built rental buildings completed since 2005 reaching a record-high of $3,002 in the first quarter of 2023. Year-over-year rent growth for the smallest condominium units was even higher, with studio unit rents increasing by 17.8% and one-bedroom condo rents increasing by 17%. The situation is worse for those requiring a second bedroom, as that will cost an average of $3,125. Low vacancy rates in purpose-built rental buildings and other factors are fuelling this runaway