Rents paid by new renters in Toronto and Vancouver are on average $500 above rents for units occupied for more than a year. Read on.
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The report found that the rental gap is particularly prominent in cities where vacancy rates are already low and rent increases are regulated by guidelines. Rent restrictions mean property owners often must wait for turnover periods to adjust rents to align with current market prices and offset expenses such as repairs and renovations. Toronto, Vancouver and Montreal — where the gap is closer to $250 — all have rent guidelines.
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