The shortage of affordable living space in the downtown Toronto core has caused a corresponding increase in the rents investors are charging tenants for the right to occupy the space which they have purchased. Condo rents in the city of Toronto and specific to the downtown core have risen by almost 10% over the past 2 years.
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This rise corresponds to the increasing number of well paying jobs being offered in the core in an effort to ease commuter flows from the suburban areas into the downtown during the moring rush, and out of it in the evening. There is also the attractive live, work, and play aspect to downtown living that is a very key factor for those that are young and upward mobile in their careers and lifestyle. Toronto has become the go to place in Canada and the rents are factoring all these conditions in.
There has been talk of a Toronto Condo Bubble, and that there may be an onslaught of new condo inventory over the next 2 years with some 55,000 condos coming online, however with the increased demand for rental housing that number may be actually too small to meet demand and we could see another round of heavy investing in Toronto Highrise condos and apartments once, the under construction supply comes online.
There were 31 per cent more condo units leased in the first quarter than a year ago, Urbanation found, and rents were up 4.4 per cent, a gentler jump from the 5.9 per cent increase that occurred between the first quarters of 2011 and 2012 but still a significant rise, said Pauline Lierman, Urbanation's director of market research.
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About Ascension Health Ventures
Ascension Health Ventures was launched in 2001 as a wholly owned subsidiary of Ascension Health. Today it is a subsidiary of Ascension Health Alliance, a parent company formed in 2012. AHV's role is to construct and manage a strategic portfolio of investments that deliver a venture investment return, have the potential to transform the healthcare industry, and significantly enhance the experience for patients, their families and their caregivers. AHV has three venture funds under management and its limited partners include Ascension Health Alliance, Catholic Health East, Catholic Health Initiatives, Decatur Memorial Hospital, Dignity Health, Intermountain Healthcare and Mercy. For more information, go to www.ascensionhealthventures.org.
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