Toronto Condo market is an excellent place to live and invest. With the right information and details of what you want, your realtor can never miss finding what suits your needs and requirements in the Toronto Condo market. Getting the ideal place to live or invest in the Toronto area shouldn’t be complicated, but you have to be clear about your choice and make out some time to choose wisely.
Let’s jump right in; the recent declaration of new provincial housing moderation has caused the cooling of Toronto real estate market while the rental market grows hot. According to a report by Urbanation, the recent housing measures have altered the Toronto market we used to know. The new measures have caused a high demand for condo rentals in Toronto; this is inherent in the second quarter of 2017.
Ontario launched its Fair Housing Plan in April which was geared towards controlling widened rent on buildings erected after the year 1991. The Fair Housing Plan also advocates a non-resident tax. Urbanation reported that condo apartments being gathered increased by 12%, causing an increase of 11% of rental prices.
The present scenario in the Toronto Condo market makes it a good idea for those who already have an affordable apartment to hold on to the apartment for a long while because it might not be easy to get a new one if they let go the current one. The new measure reduced the period the transactions of condo apartment lease. It’s evident that rentals are being under-built and the new introduction is likely to worsen the case over time by more reduction of turnover and lowered supply. For anyone having to move, it may be an unfavourable condition because asset owners and landlords are going to place prices at a somewhat high level because they are sure that it is going to be sealed with time.
Although the Toronto Condo market is experiencing a downfall in the number of rental developments, it has not come to a halt. There is a slow increase in the number of proposals for rental development but not as before.
So, what’s the catch? Toronto rental market is evidently being affected by its sizzling condo market, causing increased rents for tenants while they struggle with reduced rental listings. It’s no doubt that renters are now on the receiving end of Toronto’s hot condo market. While anyone who loves the serene environment and wishes to live or invest in one would opt for Toronto Condo market, the rises in rent may discourage tenants.