There’s an insane amount of rentals on the market in Toronto this season. I’ve listed several rental properties since my post 7 days ago – with more to come on to market for November. Furthermore, I’ve been talking to mostly landlords this week on how to best strategize upcoming vacancies in the new year. What’s going on here?!?! Read on to find out more…
Other than price drops, or landlords selling their condos, renters have been looking to move is because they are needing more space for working at home. One renter I spoke with the other day said that his company announced that he is working remotely until 2022, and another renter’s employer the same day announced working from home until summer 2021.
Here are 10 neighbourhoods – all of them showing declining rents over the time period surveyed, and 7 of them posting double-digit deflation rates…Little Portugal rents fell the most (17%), Waterfront Communities (15%)…[and] smallest decline is in Kensington-Chinatown.
My new rental listings are in Little Portugal [see them HERE], and I know several property owners in the Waterfront communities who have condos that are currently vacant.
LANDLORDS: If you own any rental properties in the GTA, it’s every important that YOU MUST READ: Toronto prices are falling down the most in these downtown neighbourhoods. There are many articles out there that give an opinion, but this article has some good data that will give you a really good idea of what is going on this rental season. Remember: numbers don’t lie.
Toronto Stats this Past week
MLS activity from October 21 to 27 for residential properties:
Compare the above to the week before from October 15 to 20 when there were 9,415 for sale, 1,626 newly listed, 423 sold & 12,975 for rent.
Just listed in Toronto within the last 24hrs
:: 63 Houses under $950k ::
:: 62 Houses $950k – $1.4M ::
:: 51 Houses $1.4M – $2M ::
:: 39 Houses $2M+ ::
:: 69 Condos under $500k ::
:: 78 Condos $500k – $600k ::
:: 59 Condos $600k – $700k ::
:: 72 Condos $700k – $900k ::
:: 45 Condos $900k+ ::
:: 11 GTA Foreclosures ::
(Email or call me directly for specific sold or off-market properties)
If you would like me to look up any other numbers for you, just call or text me 647-804-8601. Let me know how I can help with your (RE)search.
VERY IMPORTANT: And if you’re struggling with a rental issue in knowing your rights and numbers as a landlord or tenant, also reach out and feel free to pick my brain as I want you to be fully informed about these things.