Money Renting a Condo in Toronto Is a Losing Battle With Dizzy Prices

10:50  14 january  2018
10:50  14 january  2018 Source:   Bloomberg

Toronto, Vancouver home sales fall in 2017 as prices jump

  Toronto, Vancouver home sales fall in 2017 as prices jump By Nichola Saminather and Julie Gordon define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.recentquotesurl = "/en-ca/money/getrecentquotes"; config.commoditydetailsurl = "/en-ca/money/markets/commoditydetails"; config.currencyConverterUrl = "/en-ca/money/currencyconverter"; config.

Go ahead, just try to rent an apartment in Toronto . Supply has dropped because of a greater share of units resold as investors take advantage of rising condo prices , said Urbanation.

Go ahead, just try to rent an apartment in Toronto . The feat is getting even harder, with supply tight and prices showing no sign of retreating. The vacancy rate in the fourth quarter was among the lowest ever, at 0.3 percent, according to Urbanation Inc . . .

 © Will & Deni McIntyre/Getty Images head, just try to rent an apartment in Toronto.

The feat is getting even harder, with supply tight and prices showing no sign of retreating. The vacancy rate in the fourth quarter was among the lowest ever, at 0.3 percent, according to Urbanation Inc. The average monthly rent for a condominium rose by 9.1 percent to C$2,166 (US$1,730) from a year earlier.

Quotes in the article

Jones Lang LaSalle Inc

JLL

Is part-time teacher on track to retire in 9 years?

  Is part-time teacher on track to retire in 9 years? Sarah can do it, with a strategy that balances real estate with investmentsRight now, Sarah earns $55,000 annually—$50,000 annually from her teaching job and another $5,000 in income from her side jobs. Her assets total $775,000 with her largest being her $675,000 condo in Toronto. She’s a few months away from being mortgage free and hopes to put the $8,000 or so annually that she’s paying on her mortgage towards savings in 2018. Carrying costs and maintenance on her condo—including property taxes, insurance and maintenance come to about $9,000 annually.

Renting an apartment in Canada’s biggest city has become a losing battle as vacancy rates hit all-time lows. Go ahead, just try to rent an apartment in Toronto . The feat is getting even harder, with supply tight and prices showing no sign of retreating.

Renting an apartment in Canada’s biggest city has become a losing battle as vacancy rates hit all-time lows. Go ahead, just try to rent an apartment in Toronto . The feat is getting even harder, with supply tight and prices showing no sign of retreating.

153.87
-0.58
-0.38%
S&P/TSX Composite

0000

16,308.18
+21.24
+0.13%
S&P/TSX Venture Composite

ISPVX

878.20
-11.31
-1.27%
S&P TSX 60

TSP60

967.37
+0.71
+0.07%

That’s the second-largest increase since 2010, when Urbanation began tracking the number, after a record year-over-year jump of 12 percent in the third quarter. Downtown rents surged even more, sending apartment hunters out to the suburbs.

“This has continued to raise the confidence of developers to add more units to the pipeline, a trend that will need to continue in order to meet future housing needs,” Shaun Hildebrand, senior vice president, said in a statement. Rental development climbed to the highest level in over 25 years, ending 2017 at 7,184 units under construction.

Someone reportedly stole $850k from Stan Lee and bought a condo with it

  Someone reportedly stole $850k from Stan Lee and bought a condo with it Police said the condo was purchased with a check forgery.Someone dipped into Stan Lee's superhero-sized checkbook and bought a ritzy condo with his money. Here's the problem: That someone wasn't Stan Lee or anyone who should have had access to his funds.

Renting an apartment in Canada’s biggest city has become a losing battle as vacancy rates hit all-time lows. Go ahead, just try to rent an apartment in Toronto . The feat is getting even harder, with supply tight and prices showing no sign of retreating.

Renting an apartment in Canada’s biggest city has become a losing battle as vacancy rates hit all-time lows. Go ahead, just try to rent an apartment in Toronto . The feat is getting even harder, with supply tight and prices showing no sign of retreating.

a screenshot of a cell phone: Snowballing Rents© Bloomberg Snowballing Rents

Ricky Ferguson, 26, is feeling the squeeze. He’s been looking for a rental in Toronto between C$1,000 and C$1,300 with his girlfriend, 23, since October.

“When we first started searching we were in a panic, because my girlfriend was in a situation where her mother was going to kick her out of the house,” he said, adding that they’ve been allowed to stay until they find a place of their own. “My credit score and report are more or less flawless.”

On the other hand, the couple has a four-foot-long pet python, Ferguson admitted in a post on a classified-ad site, reassuring prospective landlords that it is harmless as long as it stays in its enclosure.

Toronto’s sales market has cooled over the past seven months, but the average price of a home is still C$735,021, and new mortgage regulations make it harder for people to borrow. That has pushed many prospective buyers into the rental market, exacerbating its scarcity and costliness.

Toronto Housing Recovery May Trail Vancouver Amid New Rules

  Toronto Housing Recovery May Trail Vancouver Amid New Rules Toronto’s housing market drop is echoing Vancouver’s earlier plunge but Canada’s most populous city may not bounce back so quickly as new rules continue to tighten access to home loans. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.recentquotesurl = "/en-ca/money/getrecentquotes"; config.

Trying to find a place to rent in this city can be dizzying . Look up and all you see is glass condos . But, sorry, Fleming says: “There’s virtually no negotiating when renting a condo in Toronto .” Missing at Massey Hall: Beethoven, Bach stained-glass pieces lost in sands of time.

Share FILTER. Toronto Apartments, Condos & Houses For Rent . Share 327 Rentals Found. Default Newest Rent (Low to High) Rent (High to Low). Price range: PROPERTY TYPE.

The market has tightened so much that lease activity as a total percentage of available units fell to 8.3 percent for 2017, the lowest level of rental turnover since 2013, as high prices and rent control rules lead tenants to stay put. Supply has dropped because of a greater share of units resold as investors take advantage of rising condo prices, said Urbanation. The slowdown in the sales market has mainly been in the detached-home segment; condos have seen double-digit growth.

a screenshot of a cell phone: Building Fever© Bloomberg Building Fever

There was a pause, at first, in rental-development applications with the advent of the new rental rules, but the inventory of proposed projects jumped to 33,787 units last year from 27,737 in 2016 and 10,513 in 2015, according to Urbanation.

Still, “the government must offer incentives to construct new rental properties in order to improve the size and quality of the rental pool,” Michael Betsalel, a senior vice president for Jones Lang LaSalle Inc., said in a statement.

“Honestly,” said Ferguson, the python-loving apartment hunter, “I’ve had so much trouble finding a place, I don’t think people should be allowed to own properties. Bring on the socialism.”

To contact the reporter on this story: Natalie Wong in Toronto at nwong133@bloomberg.net.

To contact the editors responsible for this story: Daniel Taub at dtaub@bloomberg.net, Peter Jeffrey, Kara Wetzel

©2018 Bloomberg L.P.

Google sold over 6 million Home speakers since mid-October .
Google decided to brag a little bit about the success of its Home speakers today with a blog post claiming it sold “more than one every second since Google Home Mini started shipping in October.” What Google doesn’t say is how those sales were split between the Home, the Home Mini, and the Home Max. It seems fairly safe to guess that the Home Mini was by far the most popular, since it was on sale for $29 for most of the holiday season. The Home Max only launched in mid-December — it’s also $399 — so it likely makes up an incredibly small portion of those millions of sales.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!