New condominium project registrations or units recently completed plummeted by 28 per cent. Average rents rose 11.2 per cent in the second quarter compared to the same period last year, hitting $2,302 for an average unit of 732 square feet, according to Urbanation Inc., a firm that collects and analyzes data on the Toronto condo market. New.
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Both sales and prices for new units climbed in the third quarter of the year As the Bank of Canada and other market watchers keep a wary eye on Toronto housing, condo buyers are out in force. Indeed, the market for new condominiums in Canada’s biggest city appears headed for one of its best-ever years.
iStock/New protections for condo owners and rules for managers and directors in Ontario are taking effect this fall. A new report suggests the average monthly rent for a condominium in Toronto in the first quarter was up nearly 11 per cent compared with a year ago.
More than 44% of the investors with a mortgage were cash-flow negative. Nearly half of all new condos sales that were finalized last year in the Greater Toronto Area were for rental purposes, but income from them could be falling short of ownership costs, according to a new study by CIBC. Rental investors accounted for 48 per cent.