Wednesday, 20 November 2013

Condo Rents Hit New High of $1875 per month in Toronto - Supply Cannot Meet Demand

ICE Condo - Rental Market Heats Up
ICE Condo

Ice Condo gets going at a time of increasing urgency among renters looking for reasonable accommodation in the downtown core. For the young professionals that are making the move to the core, they are facing rents over $2000 dollars and in additon being drawn into feirce bidding wars for housing. The vacancy rate in Toronto is hovering around 1.4 percent, right now, and that's down from 3.5 per cent about 3 years ago. And the demand for the new condos, Like ICE in southcore has become intense as there is not enough supply to keep up with demand, and new construction projects have possible 5 year time lines, and construction horizons.

The young professionals that are driving the Toronto condo market are yearning for the Manhattan style lifestyle that Toronto now affords, and there are currently 52,000, and countless hundreds of massive skyscrapers coming down the pipe for Toronto even as the condo market slows down. Toronto will soon mirror Manhattan, where you will pay $5000 dollars month for small one bedroom condos, that will price in for $1 million dollars.

Below is a picture of the ICE Condo which has mostly sold to investors whom will rent their properties out, the towers will range from 57 floors for the shorter tower, the taller tower will reach 67 floors and 235 meters, becoming one of the tallest buildings in the city.

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