GREATER TORONTO – For readers who follow Toronto real estate, it should come as no surprise that Toronto’s Census Metropolitan Area (CMA) played a major role in driving last year’s 2.1-per-cent decrease in Ontario’s rental vacancy rate.
That figure was first reported in the Canada Mortgage and Housing Corporation’s 2016 Ontario edition of the Rental Market Report, which also revealed that just three CMAs – Toronto, Ottawa, and London – were responsible for 83 per cent of the shift in Ontario’s rental vacancy rate.
But just how does Toronto’s “Central” zone – the area between the Don River, Lake Ontario, Bathurst Street, and the CPR railway – stack up against its neighbours, when it comes to vacancy? The GTA edition of the Rental Market Report gives us a few clues:
- In October of 2016, the central zone’s vacancy rate for two-bedroom suites sat at just 1.3 per cent – just half of the previous year’s rate of 2.6 per cent.
- When factoring all other suite types, downtown Toronto still reflected a 0.3-per-cent decrease (year over year) in its rental vacancy rate, which registered at 1.4 per cent in October of 2016.
- For contrast: Over the same span the Toronto East zone’s vacancy rate had only fallen by 0.2 per cent, and the West zone reflected no change (remaining steady at 1.9 per cent).
The highly sought-after two-bedroom suites of Toronto’s Central zone also commanded an average rent increase of 5.4 per cent – the GTA’s largest for that condo type – over the same period. Toronto’s Central zone also led all zones in rent by dollars, recording an average of $1,449 (across all suite types) in October.
Whether you are looking for an apartment to rent, or considering a condo investment that you want to rent out, one of Living Realty’s licensed sales representatives can provide the expertise to help.
Services for Renters
Did you know that, in addition to sale listings, Living Realty agents usually have a large number of condo lease listings to choose from? A sales representative can help you find a home and a location that is professionally managed, and suits your needs as a tenant.
The best part is, our fee is usually paid by the landlord – saving you some hard-earned cash that you can use on your big move.
Services for Investors
Whether you are planning to invest in a brand-new condo or an existing one, a real estate agent can help you maximize your rental income by taking a close look at nearby amenities, transit access, and other factors that affect its desirability for tenants.
To see how a Living Realty agent can help you with your search, don’t hesitate to contact one today using our quick and easy online form.
This article was originally published in our Winter 2017 issue of Living in Toronto.