There’s a rental renaissance sweeping through Toronto and Vancouver thanks to sky-high home prices

Yes, home prices are getting higher than many can afford which does make renting more attractive.

Financial Post

TORONTO — For the past two decades, developers in Canada’s hottest real estate markets have busily erected shiny new condominium towers while construction of rental buildings has stagnated.

But with the appetite for condos beginning to wane and sky-high home prices leaving home ownership out of reach for many, developers and institutional investors in Toronto and Vancouver are increasingly setting their sights on rental units.

[np_storybar title=”5 reasons why Canada’s housing market won’t crash” link=””]The head of the country’s largest private mortgage insurer is taking a message to U.S. investors: Red hot housing markets in Toronto and Vancouver aren’t about to plummet — here’s his case.

“It’s a significant shift,” says Shaun Hildebrand, vice-president of condo research firm Urbanation.
The firm says there are eight rental buildings currently under construction and 37 more proposed in the Toronto area, containing a total of more than 11,000 units. That’s a…

View original post 447 more words


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s