Declining condo rental prices might offer a sliver of hope for stressed tenants
Earlier this week, Toronto activists and protesters blockaded the city’s rental enforcement units from conducting evictions.
On the morning of Aug. 18, members of the tenant advocate groups People’s DefenceTO and Keep Your Rent Toronto gathered outside the Superior Court of Ontario and occupied the path leading to the courthouse’s parking garage.
The organizations said that this was in response to opportunistic property management companies – which have left a significant number of landlords to fend for themselves – looking to evict tenants.
“This conversation has been happening for six months,” protest organizer Kabir Joshi told CBC News. “People who are just holding on by the skin of their teeth continue existing in this city. ...This pandemic was going to push them out.”
Recent developments in the rental segment might offer a glimmer of hope for beleaguered tenants, however.
Across the City of Toronto, condo rental listings grew by 45% annually during the second quarter, according to an analysis by Zoocasa.
“At the neighbourhood level, rental listings grew in 26 of 35 neighbourhoods, while the rate of condos leased increased in just three neighbourhoods, two of which noted a glut of supply due to occupancy beginning in new buildings in each area,” Zoocasa said.
The average condo rental price fell by 6% to reach $2,357, with around 33% of neighbourhoods seeing price declines.
