Podcast 67: Why Are GTA Condo Rental Prices Suddenly More Affordable?
Last year alone, over 20,000 new condo units hit the GTA market, the highest in three years, thanks to a surge in pre-construction purchases back in 2018. But when COVID hit, construction faced massive delays, pushing back completion dates. Now, these units are flooding the market, looking for tenants.
Despite a federal cap on student visas aiming to slow growth, immigration remains strong, keeping demand up. Yet, with this sudden influx of condos, landlords face tough competition, nudging rental prices down.
This dip might seem like a win for renters now, but it's a temporary shift. With nearly 27,000 more units expected in 2024, the rental landscape will continue to evolve. But don't be fooled; the underlying growth in population and a slowdown in new constructions due to high interest rates suggest that this is just a short-term trend. In the long run, expect the market to bounce back, making it a landlord's game once again.
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