Condo Renting in the City of Toronto is Getting Expensive

Condo rents in the core have jumped 10 to 15 per cent just in the last year because of the perfect storm now hitting Toronto’s downtown. Although there have been 32,000 new condo units built in the former City of Toronto over the last five years, it hasn’t been enough to keep up with demand from people, willing to pay a premium to live close to work and subway lines.

While the now-renamed Residential Tenancies Act sets out tenant protections for all rental units across Ontario, the rent control provisions only apply to buildings occupied before Nov. 1, 1991. That’s turned out to be great news for condo investors, allowing them to pass on escalating maintenance fees and other costs almost directly to their tenants with annual increases that do not have to follow the maximum rental increase amount.

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Randy Ramadhin

Randy Ramadhin

CENTURY 21 People's Choice Realty Inc., Brokerage*
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