TheKingEast
Senior Member
I'm not agitated at all.
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- Thread starter simuls
- Start date
I'm not agitated at all.
RZ12
Active Member
Remember that December is considered slowest time of the year for rentals/real estate. Been less than 3 weeks since you wrote this. Ice Condos MLS listing dropped by 40 to 50. Other 2 buildings also cut in half in listings.
Units are absorbed like hot cakes. New Building on King St(224 Theatre Park) just started occupying and all out construction zone leased one there as well very quickly. Been busiest December I've seen in recent years. My personal best. 2015 looking to be a great start.
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RT2020
New Member
50 units for rent on Ice (on MLS). 44 units for rent in L Tower and another 42 for rent in Waterlink at Pier 27
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RZ12
Active Member
and???????
RT2020
New Member
I wouldn't want to compete with 49 other landlords to try to find a good tenant, especially as rental prices are already declining. Add this to the fact that there are a record 478 active projects (50,000+ units) under way across the GTA, many of them high-rise condo towers. Like Ice, L Tower, etc, these towers are filled with investor units. We’ll see how it all plays out…
RZ12
Active Member
Why are you comparing GTA with the downtown core? These landlords aren't hurting they're all paying occupancy fees which cover the rent easily.
Yes a lot of areas in the GTA make no sense to purchase a condo in.
But I don't understand how people think they are obligated to live in a construction Zone with no amenities for half the year+ on your one year lease term. It's actually scary how many are renting that way because of how low good inventory is.
One bedrooms are getting close to hitting $1750 on average in the core.
Migos
Active Member
This statement makes no sense.
Rents have been growing at less than inflation, even in the downtown core. Overall 1-bedroom rents actually decreased 2013 to 2014 (Q3).
http://www.torontorealestateboard.com/market_news/rental_reports/pdf/rental_report_Q3-2014.pdf
http://www.torontorealestateboard.com/market_news/rental_reports/pdf/rental_report_Q3-2013.pdf
Even with the lack of supply, rents are hardly increasing. What is going to happen when this massive glut of supply hits the market over the next 2 years? As RT2020 points out, it will be even worse for landlords since they're competing against each other on extremely similar product (i.e. race to the bottom on price and price only). It's easy for a renter to walk into L Tower and low ball since there are tens of other similar units available. Once a landlord pays a few months carrying costs with no rental income, they will be quite motivated to rent or sell at some price.
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RZ12
Active Member
I still don't understand how any of this has to do with a completed building? They'll be barely any inventory on a finished product.
wang888
Active Member
You got lots to choose from if you are looking for 1B.
http://t.thestar.com/#/article/busi...ndo_completions_reach_new_record_in_2014.html
RT2020
New Member
Cinema Tower – 28 units for rent
Pinnacle on Adelaide – 52 units for rent
Parade City Place – 49 units for rent
Aren't these completed buildings?
Seems like most condos built in the core built over the last few years as about 15-20 units available for rent. These are just MLS listings.
TheKingEast
Senior Member
They're all newer buildings though. You see this with any newer built condos.
You'll see a decent amount of activity for the first few years.
Why not post the condos that have little to no activity?
kalvinone
Active Member
I think the fact that there's so many units available, there's just a lot of competition and may itself bring down the rent. The real question is whether or not there's really that much demand for rentals given the inventory? Personally, I'd wouldn't rent in the newer (closet) places because there are plenty of other good places out there - and probably cheaper.
RZ12
Active Member
pinnacle isn't finished . The other two were just down right awful investments from the gecko. Try buildings like 8 Charlotte , Fashion House, Reve, even 300 Front and there isn't much at all in those.
drewp
Active Member
Considering rents increased in the core 20 percent, if not more since 2012 does not mean there will be a downturn. If rents are increasing at a lower rate than inflation, well....that is not a bad thing. On the flip side, there is always a correlation with rental/resale market The condo resale market this year has eclipsed the numbers we saw in the peak of 2012. More renters are turning into buyers again. This will be the cycle we see from now on in downtown. Rent will be flat again for the next year or so, while resale will continue to move forward. As long as there are close to 30,000 people moving to the core every year there is no concern to "overbuilding."
Migos
Active Member
Rents increased 20% or more since 2012? Little too much Christmas liquor tonight?