Condo Correction Not In the Cards for Toronto
A new report on the Toronto condo market says despite the huge influx of supply, rental rates should remain relatively strong — all good news for Toronto condo investors.
“CIBC says all those real estate bears waiting for the property market to crash may be out of luck.
CIBC says despite the fact Toronto has 64,000 condo units under construction — up to half of them could end up rented out — it doesn’t expect that to have a significant impact on rental rates. The report estimates Toronto will see about 11,500 new rental units per year, about 1,000 more than are needed based on household growth. He suggests an analysis of the Vancouver market reveals very similar results.”
Source: Garry Marr, Financial Post
“Toronto’s Condo Authority”