But that’s not the case at all, according to a new Canada Mortgage and Housing Study released this week that took a deeper look at what’s happening in the hallways of all those condo towers.
In fact, they have become much-in-demand rental stock in a city where almost no purpose-built apartments have been constructed in decades.
Even though some 14,000 to 15,000 new condos came onstream across the GTA in 2014 — about 29 per cent of which were rented out by their investor-owners — supply is struggling to keep up with rental demand, largely from Millennials keen to live close to work.
The annual Rental Market Report released earlier this week, shows that renters are willing to pay a premium to live in what’s now a key form of rental housing, especially in the highly sought-after core of the city.
CMHC also looks at the costs of rental condos compared to older purpose-built rental apartments that, until the condo boom, were the primary form of rental housing for GTA residents.
Article Appeared @http://www.thestar.com/business/real_estate/2014/12/19/torontos_remarkable_rental_renaissance.html