For the second quarter in a row, Canadian rental construction has stalled - and has taken a dive year-over-year. Urbanation | realestate realestatenews
Urbanation’s report also noted that though condominium lease activity was down 11% year over year in Q3 2022 — after reaching an all-time high in 2021 — “this was a function of supply rather than demand.”
With the GTA’s rental sector facing a severe inventory shortfall, units were snatched up at a record pace last quarter. On average, rental units sat on the market for ten days. Meanwhile, a lofty 36% of condo rentals leased for above-asking rent — a $129 monthly markup on average.
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