Despite all the towers, all the cranes, all the high rises ... there is a limited number of rentals in the cityCondo rents in the GTA soar as demand outstrips supply.
Toronto's vacancy rate of 1.6 per cent is also well below the rates in other large Canadian cities, including Montreal (four per cent), Calgary (5.3 per cent) and Halifax (3.4 per cent).Toronto's condo rental market "has become severely undersupplied," with rents rising to an average of just under $2,000 per month. Overall, condo rents rose nine per cent in the third quarter compared to the same period last year, with the average condo now renting for $29.14 per square metre ($2.71 per square foot), or $1,986 per month.
Why?? New renters enter the market, existing tenants aren't creating new vacancies, since they're choosing to keep renting instead of trying to buy a pricey home.That combination contributes to a "very tight rental market," Also
"Notably higher qualification standards for first-time buyers and reduced credit availability for investors should put even more pressure on the market,
The tougher stress test is expected to affect first-time buyers the most, which could put even more demand on the already stretched condo rental market.