I signed a lease for a condo right in the heart of downtown Toronto today; I’m super glad I ended up waiting things out until I found a place that both felt right and was the right financial decision. Moving on to the next chapter of my life is incredibly bittersweet, but at least it’s made a bit easier going back to where I feel most at home in Toronto.
I’m really struggling with the decision of whether to rent a place that is cheaper, but lacking in direct sunlight, but that has lots of space, versus paying significantly more a month for a place with lots of natural light. I almost made the decision to get a cheaper location today but just felt almost disastrously upset about what I was about to do. I’ve still got two months before I’m officially homeless; I’m going to keep on hunting around.
Saw my first potential condo rental; it was terrific save for a bathroom that had serious water damage to the ceiling (probably from flooding or leaks above the unit) and a bathroom shower that needed to be burned with fire and entirely replaced. Hopefully the next one is more suitable.
I reconnected with the realtor I relied on last time I was on the Toronto housing market and am, again, amazed at how fast, efficient, and helpful he is. A good realtor is definitely worth their weight in gold when renting in Toronto these days.
Once again I’m hunting for a place to live in downtown Toronto. And, once more, depressed at just how expensive it is to rent in this city.
It’s incredibly dispiriting to know that despite my financial responsibility there is almost no chance that I’ll ever own property in the city I live in, and a possibility that at some point rent alone will force me out. I cannot imagine what life is like for those who have less privilege than I enjoy.
Recent reforms to mortgage-insurance regulations announced last week by federal Finance Minister Bill Morneau will likely only add fuel to Toronto’s overheated rental market, Mr. Hildebrand said.
He estimates that the typical buyer will need to earn $86,000 a year to afford a condo under stricter mortgage qualification rules that kick in on Monday, a 17 per cent increase from $73,000 under the existing laws. That will push some prospective buyers into the rental market instead.
New regulations effective Nov. 30 will prohibit mortgages on investment properties from being covered by government-backed insurance, which could make financial institutions less willing to lend to condo investors.
Combined, the changes are likely to drive up demand for rental units while shrinking the supply of new rental investors, Mr. Hildebrand said. “It sort of seems to be to be the wrong time to be doing this,” he said. “Even before the changes come into effect, we’re seeing the lowest level of supply in the rental market that we’ve seen in years.”
Now people can be priced out of renting, in addition to owning. A real victory for all city-bound Torontonians.