The surge in migrants to the city has fueled increased demand for rental accommodation. Demand is expected to remain high for two reasons: migration will remain strong and mortgage rule changes will cause some prospective first time buyers to remain in the rental market longer. The apartment vacancy rate dropped from more than 3% in 2010 to 1.3% in October 2012. With no significant additions in rental demand, vacancy rates are expected to remain low this year at only about 1.5%. Tighter vacancy rates and rising rental rates will help support demand for ownership, and it is anticipated this will have a significant impact on the condominium market.
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