Bidding wars and soaring prices: Toronto renters face a ‘perfect storm’ in tight market
As GTA home sales cool, renters are feeling the squeeze from greater competition, giving landlords the upper hand.
It should be illegal to list a place for an amount and then start a bidding war. It creates even more burden for people living in poverty. Toronto can't just be for wealthy people - people are still getting minimum wage for many jobs in the city and if people are rattled about understaffed businesses it's going to get worse when no one can afford to live here. Who the hell would actually commute into Toronto for minimum wage?
In the red-hot rental market, some Toronto realtors said they are seeing an average of eight bids per unit on the first viewing day, a highly unusual number as rental units typically see a couple of offers trickle in throughout the first week of showings. It has also become the norm for offers to go well above the asking price.
“The rental market is insanely hot,” said Jordan Rasberry, co-founder of Core Assets Real Estate. “The last few lease listings I had all received multiple offers, which is rare.”
Rasberry listed one apartment for $3,900. Six offers later, the unit was leased at $4,150. On average, he’s seeing units go for $300 over asking. He said many landlords are listing the property below market value to ensure they get above asking price.
Toronto real estate agent Samantha Tyrrell said some clients are regularly being outbid by other applicants who are putting down six months to a year of rent up front. “It’s disheartening for people who are just trying to find a place to live,” said Tyrrell. “I have clients who have put offers on 12 places and we’ve lost them all.”
Wins Lai, another Toronto real estate agent, said “it’s an extremely difficult time for the tenant,” especially as borrowing costs for landlords increase, pushing rents higher.
…and what’s funny about it, is the entire city is a dump with the worst people.
Why don’t you mention the fact that Ontario is punishing small landlords forcing them to house people for free while waiting for the Landlords and Tenants Board decision which takes months? And you wonder why small landlords are selling or not renting
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