The first quarter of the year has been characterized by raging rents throughout the GTA — not that anyone in the market for a rental needs the reminder. Rentalsdotca | Urbanation | TorontoTenants | toronto realestatenews rents housingmarket
. According to Urbanation, Q1-2023’s average for purpose-built rentals is up 13.8%, based on units that turned over in Q1-2023 and relative to the same quarter in 2022.
While renters indeed saw some reprieve from steep condo rental prices during the thick of the pandemic — when rents took a nosedive and landlords were even offering move-into entice tenants — average condo rents have climbed 15% since Q1-2020, according to Urbanation. This makes up for any decline that occurred during the first year of the pandemic.
The bottom line is that rentals are not being built fast enough, despite the countless cranes towering above city streets. “The new rentals being built are $3K per month on average , but there isn’t enough of them,” says Hildebrand. “Relying on private developers to build below-market rental housing isn’t realistic — they can’t even make the numbers work to build market-rate units.
When it comes to condos, it may make more financial sense to buy than to dish out so many hard-earned dollars on rent — that is, if you have that whole pesky down payment part covered. “If you have a down payment for a condo, buy it,” says Paul Danison, content director at Rentals.ca. The reality is, however, many don’t.
While renters may indeed have the short end of the stick in our current climate, landlords aren’t immune to their own challenges, says Kenney.
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