My answer…..yes. There is such a high demand right now for condo rentals in Toronto there is actually multiple bidding wars going on all over the place (but still mainly downtown). I had some clients last week interested in a rental, the property was listed in the morning…. I caught it right away and booked a showing for 3 hours later and it was already rented before we could make it to the showing! Unreal!

There have even some instances downtown where units have gone into competition and went $700/month above asking!

My Advice for Buyers: Now that we’re moving into a Buyers’ market, buy now and start making money. Just remember, since it’s an investment property you will be required to put 20% down plus closing costs so be prepared for that. It’s best to buy in a good location that’s close to transit as well, though there are still other factors that come into play when deciding on a good rental unit.

My Advice for Tenants: Have all of your paperwork together (employment letter, credit check, references, etc.) so once you find a unit you like, you’re ready to move quickly and strongly.

Want some more real estate advice? Just have general questions? Contact me directly any time! 416-312-0665 or elanahearse@rogers.com