Competition in Toronto Rental Market Escalates

Statistics on Residential Sales Market shows that almost every third property today in the demanding areas involves multiple offer scenario. Not only the bidding war drives the price of this particular property up, but it sets a good example for other sellers what to expect from the sale of their house.

Due to extreme shortage of  units in condo rental market and a tremendous demand for units in North York area and Downtown core, the condominium rental market starts to show price increase. Most popular among students, young professionals roommates, young families , 2 bedrooms and 2 washrooms  condos are receiving 3 to 5 offers over the first couple days being listed on the market.

Today, I would like to share with you about my 2 different experiences I had today with my clients trying to rent a condo unit.

First Scenario. Not so Positive.

Condo №1 (-): Downtown area. 209 Fort York, 2 bedroom 2 washrooms, a  brand new building condo

My client flew from Calgary to lock the unit for her family for Oct 1.  Having seen 3 freshly appeared units she decided to go with the last one located close to Harbourfront,  Lake Ontario and minutes from CNE.  In the morning, when I called the listing agent of the unit we were interested had no offers and that fact  pushed us towards seeing this unit afternoon and making an offer right away. Around 2pm,  it had 1 offer registered and mine was the second one. To my surprise, the landlord who , by the way ,as well resides in Calgary, Alberta was making a quick decision based on the personal phone conversation with the clients from both competing sides.  Only God knows what affected the Landlord’s decision but we lost this game today.  Slightly upset, my client had to fly to Alberta with no unit in hands , however, the good news they will be back in 2 weeks and I am sure I will find a great unit for them.

First Scenario. Very Positive.

Condo №2 (+): North York  Area. 35 Hollywood Ave.,  2 bedroom 2 washrooms, a brand new complex as well.

Similar scenario repeats again.  My client is a young family with a child trying to settle down in Canada and get a nice condo in the well-located North York area. I check in the morning with the listing brokerage, there is only 1 low offer which is obviously not my competitor for sure. By the time I sent my offer, 5 offers registered even with the  price over asking.  But , the luck goes to the strongest, that is what the old proverb says. Despite higher bids, our offer got accepted with not  a penny over asking price.

My clients were very excited to get the good news and I felt proud that I finally managed to make at least one family happy today.

It was a great ending of a long busy day. I  love my job!

Please, if you are looking to buy/sell or lease your condo , give me a call and I will guarantee you a top quality service, close attention and great results,

Regards,

Nikolay Klyushkin

Nikolay Klyushkin

Sales Representative
Keller Williams Real Estate Service
17 Church st, North York. On
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