TURMOIL IN TORONTO’S RENTAL MARKET – TENANTS ARE HANGING ON TO THEIR APARTMENTS

First the good news – In the Greater Toronto Area nearly 70,000 apartments were under construction or proposed in 2019. This would be 4.5 times higher than the total number of rentals in the GTA since 2005.Now the bad news – Torontonians are staying put. The GTA’s turnover rate was 9.5% in 2019, compared to 15.9% in 2016, according to Canada Mortgage and Housing Corporation. Montreal’s turnover 15.7%; Vancouver 13.6% and Calgary 33.3%.More bad news – When a unit is vacated (after being on rent control), landlords can charge whatever they wish. A new tenant will, no doubt, pay much more than the previous one.And even more bad news – Canada Mortgage and Housing has determined that the average two-bedroom condos rent for $2,476; a bachelor or studio unit might go for $1,725 or more; one-bedroom units, according to RENTALS.ca can be as much as $2,300 a month.

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