Toronto apartment rents soar 20% to record with market tightening - BNN Bloomberg

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Toronto tenants are saying goodbye to the era of COVID-19 discounts, with rents fully recovering pandemic losses and reaching record levels, according to new data.

Average monthly rents on newly-leased one-bedroom apartments in Canada’s largest city rose to $2,269 in the second quarter, up 20 per cent from a year earlier, the Toronto Regional Real Estate Board said Thursday.

The double-digit price gains reflect a decline in the number of leased listings, which are down 11 per cent from a year ago, according to the report. “Expect rental market conditions to tighten further in the coming months,” Kevin Crigger, president of the real estate board, said in the statement. Justin Wu, a realtor in Toronto, said that it’s been challenging to find apartments for even the most qualified tenants, and that some landlords have been closing offers with down-payments of four months to one year worth of rent.

 

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People are bidding up the rents to postpone their home buying by 2 or 3 years as by then home prices would have declined by over 40% due to rising interest rates. It's a smart strategy. Owning a home today is like inviting big losses in its value.

Consumer is getting smoked every which way right now 😬

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