Toronto is hitting a 25-year high this year for apartment units under construction.
There were 26 apartment buildings under construction in the Toronto area in the third quarter of the year, containing more than 6,500 rental units, according to a new report by real estate market research firm Urbanation Inc.
The city’s rental vacancy rate sank to 1.3 per cent last year and shows little sign of improvement. The data suggest that as soaring home prices push people out of the housing market, more residents are opting to rent.
Are home prices forcing you to rent instead of buy? Do you think the spike in apartment units is a good thing for Toronto?
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