You might think that it’s Vancouver, but, surprise, surprise, Toronto has surpassed Vancouver as having the highest rents for one bedroom condos and strata properties in Canada.
The average one bedroom condo in Toronto currently rents for $1862, while Vancouver is $1833. Of course this is just one report, and rents fluctuate month by month, but it’s interesting to note that these two cities are slugging it out for the title of most expensive Canadian City in which to rent.
Two bedroom condos are a different story, with Vancouver in the lead by a long shot, with an average of $2583 for 2 bedroom strata properties, compared to a steal of a deal in Toronto at “only” $2193.
Well, with Vancouver’s condo market currently taking a pause from it’s breakneck price increases experienced over the past 3 years, now might be a good time to take the plunge and dive into purchasing a strata property. Cash flow may be difficult, but if you look at 2 bedroom units averaging around $2500 per month in rental income, there may be a good opportunity there.
Will rents for Vancouver condos continue to increase? They too seem to have taken a pause as more product has hit the market as of late, but ultimately demand will still outstrip supply for the foreseeable future!
Looking for some advice on purchasing a Vancouver condo or strata? Please reach out to our real estate and property management company here.
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