Landing condos . Rental skyrocketed by 129%! Shortly after the COVID-19 epidemic forced most Toronto office workers to start working from home, people living in crowded downtown apartments had a good idea: leave the city. They want to rent or even buy bigger houses elsewhere with less money.Please Visit: Landing condos to Get Your VVIP Registration Today!
But as the blockade is lifted, the city of Toronto is actively trying to help employees return to the city center, according to BlogTO. While some companies, such as Shopify, have promised to work from home permanently, many others have not said so. Of course, their employees don’t want them to do so either.
A lot of people actually miss the office. A recent survey shows that nearly 80% of Canadian office workers are now in favor of “mixed mode”, and they can at least choose to work in the office.
Those who leave Toronto to rent large low-cost apartments outside the city center now have to decide between a long commute, quitting their job completely or moving back to the city center.
Urbanation Inc. Com, a data company that has been investigating local apartments and apartment markets since 1981. In the analysis of the rental market in the second quarter of 2021, it was written: “the rental market in the Greater Toronto area began to recover in the second quarter, with a surge in rental volume, a reduction in vacancy rates and an increase in rents as the blockade began to relax.”
“it is worth noting that downtown Toronto led the growth in rental activity in the second quarter with the introduction of mass vaccination and the gradual reopening of the economy in the second quarter, coupled with attractive rent discounts that brought tenants back into the core area.”
According to Urbanation estimates, the vacancy rate in Toronto reached its highest level in 50 years at the peak of the epidemic, but declined in the second quarter of 2021.
The vacancy rate at the end of last quarter was 5.2 per cent, down from 6.5 per cent in the previous quarter, but still well above the 2.7 per cent vacancy rate in the same period last year.
The decline was particularly significant given the relatively large number of new dedicated rental units listed last quarter: Toronto has 1242 apartments available, which Urbanation calls the second highest “quarterly increase” in more than 30 years.
Rental activity rose sharply from the previous quarter, more than double what we saw a year ago, surging 108 per cent (12747 rentals) to an all-time high in the second quarter.
“demand in the most recent quarter was driven by the former city of Toronto (mainly by the downtown market), and the number of new leases signed in the second quarter increased by 129 per cent year-on-year,” the Urbanation report said. 7642 apartment rental transactions hit an all-time high, indicating that renters have returned to the downtown area. “
The fastest growth in rental demand was in small studio apartments, which were the most abundant in the Toronto real estate market at the end of last year.
Urbanation wrote: “in the early stages of the market recovery, renters remained budget-conscious and did not necessarily immediately get rid of large homes rented during the epidemic. Studio apartments, which saw the biggest drop in rents during the COVID-19 period, saw the strongest annual growth in rental transactions in the second quarter, reaching 154 per cent. The smallest apartment under 600 square feet accounts for 36% of the total rental, an all-time high. “
“the rental market in the Greater Toronto area began to recover in the second quarter, which is a testament to the high demand. With the recovery of immigrants, the reopening of schools and offices, and the rising price of self-housing, this demand will only continue to grow, “said Shaun Hildebrand, president of Urbanation.” “although new construction activity is also increasing, supply is expected to be lower than demand, creating conditions for rents to continue to rise in the coming months.”