Rental Market updates by TREB indicated the number of leases from January to April is up 18% from last year. One reason for the increased number of renters is because of the ‘unknown’ in housing prices. People are scared of over inflated pricing in housing, and are expecting a price decrease. The majority of ‘would be buyers' are staying put rather than purchasing.
Another reason for the increase in renters is the home renovation tax credit Canadians were given last year. A large number of people spent they’re hard earned money and savings to update their properties for rental purposes. Whether they added a new room or built an addition to they’re basement, it’s opened the supply for more renters in the marketplace. Also, the net migration into the GTA continues to climb. This has helped the demand for rental prices stay competitive.
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