A recent study shows that even though Ontario government set new rent control rules in April of this year, they couldn’t stop a 10.3 per cent hike in condo rents over the past year.  The average rent in the third quarter of 2017 for condominium apartments through the Multiple Listing Service (MLS)  in the GTA jumped to $2.99 per square foot. The intense competition between renters in Toronto shows no signs of letting up in the near future.  This means that the level of new development needs to ramp up significantly in order to meet the public demand.