Top Real Estate Agents in Toronto. SUMMER 2024 RENTAL STATS FOR INVESTORS

✨ Rentals.ca reported -4.4% month-over-month decline in rental activity between May 2024 to June 2024. This is the complete opposite of the traditional trend where we typically see strong increases in rental demand during the late Spring and Summer months

 ✨ Annual comparisons indicate a dramatic -32% decline in rental demand with average rental demand trending down since 2022

📉 Why are average rental demand and rent prices down in Canada's two largest cities, Toronto and Vancouver? 

Many tenants feel price exhaustion due to high real estate prices in prime major cities. And this exhaustion is compounded by increased inflation impacting overall living expenses, thus many tenants are choosing to remain in their current rental especially if their place is under rent control (properties built before November 15th, 2018) to stay grandfathered in their lower-than-market value rental. Also, in downtown Toronto specifically, several condo towers provided occupancy this year where many of those units were listed for rent - this flooded the market with more rental supply than demand, thus softening rent prices a bit. 

🔑 As real estate investors ourselves, our team understands the critical importance of background checks and the due diligence involved in securing a great tenant. If you're looking for a trusted real estate team that will help you secure a great investment property or assist in finding a good tenant for you, give Karen's team a call at 647-836-2895.