Ontario Landlords Association Member comments in the Toronto Star’s Moneyville.ca
August 11, 2011
Native Montrealer Fiona O’Connor moved to Toronto for work and started her search for a two-bedroom rental apartment.
Fiona O’Connor has one word to describe her apartment search in Toronto.
In June 2011, the CMHC reported a 1.6 per cent vacancy rate for apartments in the GTA. The vacancy rate during the same period in 2010 was 2.7 per cent . Fiona often found herself competing with other applicants for the rentals she wanted.
Is it really a “landlord bonanza” in Toronto? Maybe not.
One Toronto landlord said she hasn’t noticed much of a change in demand this summer compared to previous summers, despite the lower vacancy rate reported by CMHC.
An online ad in the summer will still yield about 50 initial inquiries that end up being whittled down to seven to 10 serious applications. There are lots of new condos being built and rented out, with lots of new rental units coming on the market all the time.
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