Northwood Terrace Apartments; Clearview on the Park; Wingreen Court Apartments – properties issued on the addy platform
Toronto is leading the way in terms of development activity in Canada with almost 10,000 rental units under construction due to supply shortages and immigration. The city is a strong financial and tech hub with higher wage jobs being created. National unemployment is low but Toronto is still above its 2019 level, indicating more slack in the labour market. The construction sector is facing challenges with rising costs and material scarcity, but over 1,000 units are expected to be completed in 2022. The demand for rental units is outpacing the supply with vacancy rates expected to decrease to 2.1% by 2022. Rental rates are expected to reach pre-pandemic levels and rank second among Canadian metros.
Purpose Built Rental Market:
Average 2 Bed Rent $1,765 (+6.5% YoY)
1.7% Vacancy
Condominium Apartment Market
Average 2 Bed Rent $2,671
1.1% Vacancy
Attached are some graphs that illustrate the Toronto multi-family market since 2018:
Sources:
Marcus & Millichap- Toronto Multifamily Market Report Q3 2022
CMHC Rental Market Report- Jan 2023
