Toronto Vacancy Rates Rose in 2024
Largely due to the high rental completions and increased competition from unsold condo rentals.
Vacancies in the Toronto area increased from 1.4 per cent in 2023 to 2.5 per cent in 2024, the Globe & Mail reported last week. They attributed the rise largely due to the remarkably high number of rental completions and the increased competition from all of the unsold condo rentals entering the market.
It has been observed that Toronto condominium apartment completions “reached new highs,” and investors who purchased units years ago in the pre-construction stage faced an “oversupply in the resale market.” That led many of them to lease the units instead of selling in a market that has not been favorable to condo resales.
Owner of duplexes and multiplexes may not feel quite the same pinch as condo owners as these types of rental suites are often in more demand and are usually harder to find great deals on.
