Condominium apartment rents are rebounding fast in Toronto, wiping out most of the price reductions and high vacancy rates seen just a year ago.
“The market’s on steroids right now even more than pre-COVID,” said Nasma Ali, founder of the One Group sales team with Re/Max Hallmark Realty Ltd. One example of the demand comes from a recent listing of a two-bedroom condo off Carlton Street, attractive to students looking to share the rent. As recently as fall 2020 downtown condo tenants were able to negotiate rent reductions of hundreds of dollars a month, but that worm has turned.
Rent rates in Ontario are currently frozen by the provincial government, but Mr. Bahl expects clients with units that are not rent controlled – which includes anything built after November, 2018, will seek to jack up rents as soon as those restrictions ease, perhaps as soon as next year.“People are going to force us to increase it by $200, $300,” Mr. Bahl said.
Mr. Bahl is describing bad-faith evictions initiated by landlords submitting N12 or “Own Use” eviction applications, or the N13 renovation/renoviction applications, though penalties for fraudulently using these evictions to remove tenants for other purposes now run into the tens of thousands of dollars per infraction.“There are either no repercussions for what they are doing, or very rare consequences,” he said.
I own several condos and leave them empty so I can quickly flip them.
This is the effect of JustinTrudeau’s free spending vote buying spree! There is no free lunch!!! jasrajshallan NavdeepSBains OmarAlghabra MarcGarneau cafreeland AnitaOakville HarjitSajjan theJagmeetSingh ErinOToole BardishKW BillBlair
You wanted it bigger, faster, more populated, multi this multi that .... voted for it and many benefited to the extent of becoming rich. But the reality for majority is bleak, poor, dirty, overcrowded, ugly... Yes, you created super MONSTOSITY. Smart ones are running away,,,,
Greed and more greed. Can you blame Canadians, just look at our leaders? Completely greedy and irresponsible people shoving pie down their pie holes as fast as they can. It's disgusting considering Canadians are dying impoverished on our streets and in our alleys. Shame on you :(
ellie_stews You and Zack did so well with your new place!
Cue the 'I want to live in the heart of Canada's largest metropolis but I also want someone to make it affordable for me' cries.