According to recent research study outlined in the Financial Post, Toronto condo rental rates have risen almost 12% in 2016, with the year ending average rental rate sitting at $2.77 per square foot per month.<\/p>\n
A decrease in the supply of condo inventory is mostly to blame and this descending trend appears to be one that will continue on into the rest of 2017.<\/p>\n
According to the Toronto Real Estate Board, the number of condos leased in the GTA dropped over 2% in 2016 marking the first time there has been a drop in rental listings in almost 10 years.<\/p>\n
Tied to this is the increasing trend of existing condo owners selling their rental properties, moving the investments into one or several pre-construction condo units. The share of total condos in the GTA rented last year dropped to 8.5% from 9.3% a year earlier with the share of total units sold rising from 7.1% to 8.1%.<\/p>\n
Finally, the rising price of single-family homes is driving more and more investors and homebuyers into the condo market. Existing home prices rose over 17% in 2016, accompanied by a catalytic decreasing trend in new home supply.<\/p>\n
All of these trends seem to point to condo ownership in Toronto being a very wise move. No one knows how long this highly sloped increase in all factors will continue, but at the moment it is very difficult to make a bad case about investing in a new or pre-constriction condominium.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cIt\u2019s a good time to be a condo investor\u201d likely could already be the understatement of the year. According to recent research study outlined in the Financial Post, Toronto condo rental rates have risen almost 12% in 2016, with the year ending average rental rate sitting at $2.77 per square foot per month. A decrease …<\/p>\n","protected":false},"author":3,"featured_media":1167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4,5,9],"tags":[24,27,55,57],"class_list":["post-1164","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-condo-rental","category-first-time-investor","category-foreign-investor","category-seasoned-investor","tag-condo-investment","tag-condo-investors","tag-invest-in-a-condo","tag-invest-in-real-estate"],"yoast_head":"\n