Condo rentals are on the rise!
Rentals have come back on high demand, and prices are now escalating!
When the pandemic hit, and property values dropped, landlords panicked as they were left without tenants. Although the pandemic created an easier home environment for some, many were left without work, and renting became an impossible task.
In the last quarter, it was noted that condo sales had increased indicating a seller’s market has returned to the city.
On October 29th, the real estate board stated that the condo inventory, which was built up during the initial phases of COVID, has been fully absorbed. With this fact being presented, it is alleged that the rental and condo ownership will start to tighten.
As Toronto’s listings decline the number of apartments leased on the Multiple Listing Service has increased. As the city manages all the current real estate changes, it seems that apartment dwellers are also returning.
The pandemic has opened its doors for multiple types of buyers, renters and sellers, and as we return to a new normal, it is possible that things have slightly changed in the market and will continue to do so.
So, what does this mean for the real estate market in our city? Have any thoughts? Share them down in the comments!