OTTAWA’S NEW MORTGAGE RULES ARE ANTICPATED TO DRIVE UP RENTS IN TORONTO
The rent on an average 717 square foot condo unit, within the City of Toronto, reached $2044.00 in the third quarter.
A Toronto market research firm, Urbanation Inc. conducted a report this month and stated that the average monthly rent rate for condominiums in Greater Toronto has risen an annualized 9 per cent in the third quarter to $1986.00.
The rent on an average 717 square foot condo unit, within the City of Toronto, reached $2044.00 in the third quarter. This has broken the $2000.00 ceiling for the first time.
Rental demand is being fuelled by strong job growth and the influx of people coming to the GTA area from other provinces in Canada and individuals around the world.
Real Estate Developers are now changing their focus from building condos to apartment buildings.
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