plunged to 1.7% for purpose-built rentals in the city , and 1.1% for condo rentals, according to data from the Canada Mortgage and Housing Corporation . More newcomers will only put more pressure on the city’s already-limited rental stock.“You know, our immigration agencies and our housing agencies are often not really talking to each other,” says Chapple. And while Toronto can offer newcomers the promise of employment, job market growth tends to magnify housing scarcity.
With times being tight, and demand being as rampant as it is, Powell says that landlords are becoming “more and more picky” when it comes to who they rent to and under what conditions. And rightly so.at Ontario’s Landlord and Tenant Board mean that it can take months, and sometimes even years, to settle disputes such as rent arrears.
“There are a lot of fabricated documents in the Toronto rental market at the moment,” she says. “A tenant with poor credit due to many missed or late payments can pay a company for a fake credit report with a great score, and then they use this to help secure a new rental.”Renters are facing high prices and steady competition in the Toronto market,” says Parrell.