If you are in the market for a condo rental, chances are you’ve been entangled in a Toronto bidding war free-for-all.
Before you know it, you are licking your wounds, haphazardly applying to property after property, ready to wave your white flag. According to The Toronto Real Estate Board, condo ownership declined in the second quarter, cutting down the number of vacancies for the city’s growing demand. The untimely decline in property rentals, combined with a 5% growth in condominium rental rates, make for a cocktail of difficulties for anyone looking to sign a lease.
Soaring real estate prices in the GTA means many landlords are looking to cash out while prices are up. This may be a time of actualized aspirations for sellers, but for tenants who are given 60 days to leave, securing a new residence in two months can be a struggle. Woefully, property seekers with the dark cloud of “60 days’ notice” hanging over their heads are only a drop in the bucket. Newcomers to Canada, students looking for off-campus housing, temp workers and downsizing seniors are just a few demographics competing in the fierce rental market.