Condos For Rent Toronto

Across the City of Toronto, condos for rent Toronto listings noted y-o-y growth in 25 neighbourhoods, while just 3 neighbourhoods saw growth in new condo leases last quarter. 

New condo rental listings in Q2 increased in the double digits in 20 neighbourhoods across the city. Of these, 5 neighbourhoods noted faster growth in condo rental new listings than the city average. This includes the C01 (Downtown, Entertainment District, CityPlace, and Liberty Village) neighbourhood that is popular for short-term rentals, where listings rose 80% y-o-y in Q2, while there was a 14% y-o-y decline in condo leases in Q2. 

Just 3 neighbourhoods noted an annual increase in condo leases in Q2, however, according to Jim Roberts, a Zoocasa agent in Toronto’s East End, in two of these neighbourhoods this increase may have little to do with COVID-19 at all. 

Roberts noted that in neighbourhoods like C11 (Leaside, Thorncliffe Park, Flemingdon Park) and E01 (Leslieville, Riverside, Little India) the supply surge was simply due to occupancy beginning at a few brand new buildings and not a direct impact of COVID-19. In C11, new listings rose a whopping 461% y-o-y in Q2 and there was a 352% increase in new condo leases. In E01, new rental listings increased 53% in Q2 and new leases increased 106%. E01 is the only neighbourhood where the rate of new leases outpaced the growth in new listings.  

According to Roberts, the glut in supply in both neighbourhoods is good news for renters as it puts downward pressure on prices in these neighbourhoods. However, renters in these new buildings in particular should keep in mind that once these units are complete and they register, many investors may head for the exit door looking to sell and cash in on their investments. This could create a situation where the tenant is forced to leave if the new buyer plans on moving into the property. 


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