Toronto sees rental market surge
The number of condos on the MLS in Toronto has hit an all-time high according to figures from market researcher Urbanation. The number of units listed during the second quarter of 2014 hit 6,708 marking a 26 per cent increase on a year earlier. New listings were up even more and availability has kept rents lower, rising less than 1 per cent in a year and averaging $2.37 per square foot. The small rent increase continues the trend from the start of the year, compared to last year’s average of 4 per cent. Shaun Hildebrand of Urbanation says that the growth in the rental market suggests a move away from ownership to some extent but is also reflective of more jobs being available allowing the children of baby boomers to move into their own homes. He believes that rent increases will remain low for some time due to high supply levels but is confident that a decline in rents is unlikely.