, many prospective buyers have been trapped in a rental market that’s already short on supply.
And in Toronto, the average rent for all residential property types rose to $2,691 in July, nearly 24 per cent higher than that month last year.last month found rents in the Greater Toronto Area had risen at the fastest pace on record in the second quarter of this year. At the time, Urbanation said the GTA’s vacancy rate sat at 1.4 per cent, down from around 5 per cent a year ago.
“I’m working a full-time job, and then […] any free second I have, I’m doing my other full-time job of finding a place to live. I am constantly on every single site looking.” The others swapped war stories. One young woman carrying a laminated calling card said she’d been on the hunt for three months. By the time she arrived to one viewing, the woman said, the listing price had suddenly jumped by $300.
Much of the rental stock built today is far too expensive for many renters, she said. Dr. Gurstein believes, in which a non-profit group owns and maintains property on behalf of a local community in order to provide affordable housing, could be one solution. The situation is dire, and governments must innovate if they want to see meaningful progress, she said.
If you are not prepared to pay several month or a year up front, you are competing with people who will. They sold homes and are parking money for a year or 2.