Another day, another update on the ridiculous price of living in Toronto.
According to real estate group Urbanation, the average price of renting a condo in the city just broke a record.
After a 7.6 per cent jump from last year, the new average price for condo renting is a staggering $2,385 per month.
The cost of rent per square foot went up by 9.4 per cent, or $3.26 per square foot.
Supply of new units is not growing fast enough to keep pace with the amount of buyers in the market, creating tightening conditions every passing quarter.
However, the number of units currently being constructed is at a 30-year high: 11,172. As these units are finished, it should ease a bit of the tight demand and short supply.
From a Realtor’s perspective, this is unconscionable. The other day I was telling one of my clients, who was trying to rent an apartment, that it is appears to be much easier to buy a property in Toronto rather than rent.
If you really would prefer to buy rather than pay sky high prices for rentals, I may have a solution for you. Yes, I understand that in order to buy a property, a down payment is required…and you do have to have some money toward a down payment, but if you don’t have quite enough, please give me a call.
What is it that I can offer you? “Options for Homes”!
Who is Options?
Options is a social enterprise with a mission to help as many people as possible achieve their dream of homeownership. They operate as a non-profit, developing the lowest-priced condominiums in the GTA by passing along cost-savings and offering down payment support.
They build very high quality condos using Deltera, part of the Tridel Group of Companies. BMO, Meridian and CMHC support our clients by assisting to secure mortgages and recognizing our Down Payment Loan as equity so that a conventional mortgage can be obtained with only 5% down from our clients.
Call me, Gillian (647-449-6642) or better yet, come to an information session on the following dates:
Humber Information Sessions for the remainder of the year. Remember to mark the dates in your calendar:
- Saturday, October 20 – Condos 101/Humber Info Session – Mimico Centennial Library, Auditorium @ 11am
- Wednesday, November 7 – Condos 101/Humber Info Session – Lillian H Smith Library, Auditorium BC @ 6:30pm
- Saturday, November 24 – Condos 101/Humber Info Session – Northern District Library, Rm 200 @ 11am
- Tuesday, December 4 – Condos 101/Humber Info Session – Northern District Library, Rm 224 ABC @ 6:30pm
You can also visit the website at: