If you’re looking to rent in Toronto, 2019 is poised to be a challenging year.
Many experts see Canada’s once red-hot housing markets remaining fairly balanced over the next 12 months as average prices and sales moderate, but they are sounding the alarm on one of the country’s tightest rental markets.
“The rental market in Toronto is definitely something to watch in 2019,” Scott Ingram, a realtor with Century 21, told BNN Bloomberg in an email, pointing to the latest rental market report from the Canada Housing and Mortgage Corporation (CMHC), which revealed that a slowing tenant turnover rate coupled with a growing population will further strain the market in the coming year.
According to the CMHC, Toronto has one of the lowest rental vacancy rates in the country at 1.1 per cent. Other hot rental markets like Vancouver and Victoria are seeing similar trends with vacancy rates at 1.0 per cent and 1.2 per cent, respectively.
In comparison, the housing agency said the average vacancy rate across the entire country was 2.4 per cent this year, down from three per cent in 2017 as demand outpaces supply.
Continue to read on: BNN Bloomberg