The Toronto Rental Market
Results for the 2nd Quarter are finally in!
For condos in Toronto C01:
1-bedroom condos rented for $2,373 / month
2-bedroom condos rented for $3,319 / month
3-bedroom condos rented for $4,471 / month
There are a lot of reasons for this upward trend.
Interest rates are up so it’s harder for many renters to afford their first home.
There are also supply problems with fewer rentals this quarter than last year.
So what should you do?
If you are renter…
My #1 recommendation is to make the stretch and buy something since prices have dropped. Talk to a mortgage professional to see what you can comfortably afford and let’s see what’s out there.
My #2 recommendation if you can’t buy, is to stay in your current unit. I’ve advised that twice in the past couple of weeks. Seeing as prices are increasing at record rates, you will be paying more for the same-sized unit.
If you are a landlord…
If your tenant has left, you can likely re-rent it at a much higher rate. (As I mentioned last time, we rented a unit for $2,600 / month in 2021 and then the same unit went for $3,600 / month this year)
But if you are going to sell, make sure the unit is vacant. You’ll get much more money when it’s properly staged and marketed.
Do you have questions about real estate?
Call me at (416) 276-4895.
