Rent has been rapidly rising in the Toronto region as people continue to move to the city after pandemic-related restrictions eased
. As well, many prospective homebuyers have been staying in their rentals after borrowing costs spiked when the Bank of Canada began raising interest rates to slow inflation. That has reduced the number of places available to rent and pushed the apartment vacancy rate below 2 per cent. That is similar to prepandemic days when the city was thriving.
And even though the average monthly rent has soared, developers say it is not economical for them to build rental-only apartments, according to Urbanation. Apartment-building developers shoulder the heavy upfront cost of construction just like condo builders. But they recoup their costs over a much longer period of time, as the building fills up and renters pay the rent. Condo developers recover their costs immediately after the building is completed and individual owners pay for their unit.
Urbanation president Shaun Hildebrand said it was alarming that rents in new builds have surpassed $3,000 and developers still can’t make the numbers work. He said it is “much easier for them to build condos.”
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
No vacancy: Average Greater Toronto rent tops $3,000 a month, says reportThe vacancy rate in the GTA was below the 2% mark in Q1 for the fifth straight quarter From m_zadikian
اقرأ أكثر »
“Record High”: Average Monthly Rents in Purpose-Built Market Cross $3K MarkThe average price for the GTA's purpose-built rentals hit a record high in the first quarter of this year, according to new research from Urbanation. realestate realestatenews rent GTA Toronto
اقرأ أكثر »
Income needed to buy average Prince George house up 60% in five yearsThe minimum household income needed to get a mortgage for an average Prince George house in 2023 was $98,502 per year, up from $61,261 in 2019.
اقرأ أكثر »
$500 Rent Top-Up Reached Just 44% of Eligible CanadiansThe federal government's $500 rent top-up program fell flat, as not even half of eligible Canadians applied. StatCan_eng | realestate rent topup realestatenews
اقرأ أكثر »
Small community resource centre in southeast Calgary worried about rent increasesA small community resource centre in southeast Calgary says it's worried about keeping the doors open, as it faces rent increases from Calgary Housing Company.
اقرأ أكثر »