29 January 2018

In case of two-bedroom condos, the number rose by 8.8% to $2,627.

“The demand for rental units is growing together with the population in the GTA. The main issue is that supply doesn’t follow up the rising demand. In the end, we can see low rate of vacant condos and severe competition between renters. It all leads to higher rent costs”, – TREB president Tim Syrianos noted.

In Q4, the number of listed condos fell by 3.4% from a year prior, and the number of units leased was down by 0.7%.

“We still worry that the new rent control rules combined with the Ontario Fair Housing Plan will restrain the expected supply growth both in the purpose-built and investor-held condo sectors,” – TREB director of market analysis Jason Mercer said.

“Today’s condo owners may prefer selling their properties while the prices are so high instead of renting them under the new strict guidelines“.