Toronto condo rental market soars on heels of new measures

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With recent rent control legislation mostly in effect now in Ontario, I believe most new purpose-built apartments proposals will likely convert to condominiums. This will only cause a spike in rents as the inventory of available rentals decreases. This article outlines what is currently taking place in Toronto’s rental market. In short, rents are soaring. A contributor to the recent rental rate jump is buyer postponement of purchasing a property. This naturally follows the government’s actions, as property buyers hope for a substantial drop in prices. Long term, the new rent control legislation is going to discourage condo investors and purpose-built apartment investors. This legislation is going to hurt tenants with less choice and higher rents.