The resulting average vacancy rate for private purpose-built apartments in the Toronto CMA declined to reach its lowest level in 16 years,” the authors wrote. The overall vacancy rate for the GTA was at 1.1 per cent, down from 1.4 per cent in 2016. Across the GTA, developers have responded to demands for new rental units and “benefited from favourable lending conditions in recent years,” but still couldn’t meet the demand, particularly for newer rental units with condo-like features, according to the report. The number of actual rental units increased by 2,577, in part, thanks to the completion of some housing projects. “With so many residents struggling to find and maintain a home in Canada’s big cities, the opportunity presented by the National Housing Strategy cannot be missed.

Source: thestar November 28, 2017 21:11 UTC