Toronto rent is skyrocketing
Toronto rent control protected rents are literally 47% lower than asking price rents. Since the vacancy rate is so low every landlord I know is simply assuming the 10% year over year growth, subtracting an assumed 1.5% year over year allowed increase and thus pricing the unit with an 8.5% year over year cost UPFRONT to take possession. Despite the insane prices vacancy rate is STILL sub 1%.
Renters I thought one of the 'advantages' of renting was flexibility? Are you willing to pay a 47% rent increase for this flexibility? I'm assuming that since the rent control scheme didn't bring affordable rents the next step is to seize private property and give it away to the poor Soviet style? That'll definitely have those builders pumping out new residences in no time!