Toronto Rental Market Hotter Than Ever

According to Treb rentals are up 22% from the same time period studied back in 2009. This is due to the massive amount of new condos that have been built and who have been purchased by private investors.  A total of 4920 units were accounted for lease up from 3859 in 2009.

This poses the question of `can we find enough renters to fill the rental spaces. From what I hear.. the top forgein investors are from Iran and Korea… and judging by the names on the MLS listings I frequently view – it seems to be correct. In a new building- most of the rentals seem to be owned by people who don`t live here… what about local investors… are we missing out on our own opportunity to get richer… shouldn`t there be an incentive for local investment…

I realize forgein investment is good for a city… it builds our infrastructure.. allows for bigger and beautiful buildings and gives forgeiners something to call their own in a city they may travel to more often now…but it still takes away from people in our own conutry who could be getting richer and then spending their earned money within the Canadian economy instead of back in Korea or Iran.

Invest people…