In the second quarter 13,358 units were under construction in the Toronto region, close to a 40\u002Dyear high
That jumped to 1.8 per cent with international students leaving their downtown residences for their home countries and foreigners largely unable to enter Canada due to travel restrictions. Last year, Canada took in an average of 9,800 new permanent residents a month destined for Toronto. Those numbers plunged to 1,520 in April and 3,630 in May, according to Canadian government data.
Urbanation President Shaun Hildebrand said that although construction currently underway was planned years ago, new development proposals continue to pour in. “Developers are looking at the market with a long-term horizon, and they realize that vacancy rates in Toronto have been structurally low for a long time and have been trending down really most of the past 20 years,” he said in an interview.
The 1.8 per cent figure is still relatively low, Hildebrand added. Manhattan had a rental vacancy rate of 3.7 per cent in June, according to a report from real estate company Douglas Elliman. “There’s an understanding that over the longer term, immigration will rebound, the job market will recover and rental demand will ultimately continue to exceed the amount of new supply that’s being delivered,” Hildebrand said.
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