The thirst for urban living has pushed the construction of new rental apartments in the Greater Toronto Area to a 25-year high according to data from researchers at Urbanation. Third-quarter figures show that 6,523 purpose-built rental apartments were under construction in the area with 70 per cent in the old City of Toronto. There was also a 41 per cent rise in the number of building intentions to 3,820. Despite the supply the vacancy rate is just 0.6 per cent due to high demand from young professionals who are not put off by slightly higher rents paid for purpose-built rentals compared to condos.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: