Toronto Real Estate Market News – December 2nd 2019

Toronto Real Estate Market News – December 2nd 2019


Hello, this is YOUR Toronto Real Estate Market
Update For December 2, 2019 Canada’s population grew by 531,000 from
August 2018 to July 2019 – the largest 12-month increase in our history according to Statistics
Canada. That growth is having a giant impact on the
housing market says. RBC Economics data that said the Toronto needs
9,100 more vacant units to reach a “healthy” vacancy level of three per cent. The RBC report also said the Toronto needs
22,000 new rental apartments and rented condominium apartments per year to satisfy demand between
2019 and 2023. Even if we anticipate that 70 per cent of
all new condos are rented, and we have 4,000 new purpose-built rental apartments in the
GTA every year, we still wouldn’t hit that 22,000-unit mark. We’re not even hitting the rented units
we need, so we’re not coming close to eating into that 9,100-unit shortfall in the marketplace.” This means rents will continue to rise, according
to the report, even though purpose-built rental apartment construction is on the rise and
2021 is expected to be a big year for condo completions in the Greater
Toronto Area. Thank you for tuning into YOUR Toronto Monday
Market Minute. I’m your host Alexander Gasenko. Please like and subscribe to get future updates
about Toronto’s Real Estate Market.