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Great news for investors and soon-to-be potential investors, in a new report published by RBC, economists predict that rent in Toronto is about to sky-rocket.

The average rent for a one-bedroom unit in Toronto is sitting at about $2300/month at the moment, making Toronto the most expensive city to live in, in Canada – beating out Vancouver earlier this year. According to the RBC report, this isn’t close to the numbers they expect to see in the next few years from the city.

The simple matter is that there is currently more demand for units than there are units. This is what is driving the market up in general.

“Strong demand has pushed rental vacancy rates to historically low levels and rents are now reaching uncomfortable highs,” reads the firm’s national Big City Blues report as released on Wednesday.

“In the coming years, rental demand is only set to go up — way up” the report continues.
If you’ve already invested in Toronto the news couldn’t be better – although nerve-racking if you’re not in the market yet. The good news is this sets up the potential for another boom, which means investing right now could be the best decision you’ve ever made.

If you’re considering investing in a unit, or even a second unit and you’re on the fence – get in touch with us and a team member will be more than happy to discuss your potential options. Contact us at livewell@condosavvy.ca.

Original Article on BlogTO