Welcome guest.  ( Sign in )

Rents soar making it harder for First Time Home buyers!

January 17, 2017

Pressure on GTA renters intensifies

 
 
 
Those hoping to become first-time buyers in the Greater Toronto Area are under increasing pressure as soaring rents make saving for a downpayment tougher.

Urbanation says that the average condo rents in the last three months of 2016 rose 11.7 per cent compared to a year earlier with renters paying almost $2,000. The pace of rent increases was a sharp contrast to the 4.2 per cent annual rise recorded a year earlier.

“The undersupply of rentals in the GTA continued to worsen throughout the year, causing rents to surge alongside home prices and further deteriorating housing affordability across the region” said Shaun Hildebrand, Urbanation’s Senior Vice President. 

Supply of rental condos in the GTA has declined as owners have chosen to sell properties due to higher prices. It means that total rental listings fell 8 per cent with lease volumes down 4 per cent in the fourth quarter from a year earlier.

For the whole of 2016 there were 26,602 condo units rented through the MLS, down 2 per cent from a year earlier.

Applications for new purpose-built rental units increased by more than 7,500 in the fourth quarter but Hildebrand is concerned about the future.

“While less pressure on rent growth may arrive in 2017 due to a temporary rise in new apartment completions, it’s become clear that more attention needs to be paid to building rentals over the longer-term,” he added. 

 

Visit us at Durham Bungalows.ca for all your Real Estate needs!

 

source: http://www.canadianrealestatemagazine.ca/market-update/pressure-on-gta-renters-intensifies-219682.aspx 


Tagged with: home buyer rent first time buyers
| | Share

History of Valentine's Day

Originally posted on: February 14, 2018
Last updated on: February 14, 2018
Filed under: history valentine valentines
Happy Valentine's Day Everyone, If you have ever wondered how Valentine's Day start here is an article that goes over it. Plea ...

Door-to-door Sales

Originally posted on: February 1, 2018
Last updated on: February 1, 2018
Filed under: door knocking sales
Ontario's ban on some door-to-door sales is coming into effect on March 1, 2018. The Putting Consumers First Act, stren ...

History of Remembrance Day

Originally posted on: November 10, 2017
Last updated on: November 10, 2017
Filed under: remembrance day
Remembrance Day The national day to remember those who died in military service is observed across Canada each year on 11 November – t ...

New Mortgage Stress Test Rules

Originally posted on: October 18, 2017
Filed under: mortgage stress test
News Release For Immediate Release OTTAWA - October 17, 2017 - Office of the Superintendent of Financial Institutions Canada Today t ...

Google Makes Huge investment in Toronto

Originally posted on: October 18, 2017
Last updated on: October 18, 2017
Filed under: google investment investing toronto
Google's Sidewalk Labs signs deal for 'smart city' makeover of Toronto's waterfront The partnership between a U.S. urba ...
Sales Representative


Durham Bungalows
Brokerage
Independently owned and operated.

420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-289-274-2273
Powered by Lone Wolf Real Estate Technologies (CMS6)