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.
Toronto condo rental market soars on heels of new measures by Joyita Sengupta from the Globe and Mail