Why condo rents are softening

The number of condos rented over the Multiple Listing Service in the Toronto area hit an all-time high of 6,708 during the second quarter, up 26 per cent from a year earlier. But the number of new listings rose by an even greater degree, and so – when measured per square foot - annual rents ticked up by just 0.7 per cent from a year earlier, to an average of $2.37 per square foot. It marked the second quarter in a row that rents grew by less than 1 per cent on a year-over-year basis.

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Randy Ramadhin

Randy Ramadhin

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