House rentals in Ontario drawing more bidding wars than in the past

While condo prices are back on the rise, house prices are going up too, regardless if you rent or own.

A new report from CBC News claims that renters in the GTA are even paying as much as $700 over the asking price of a rental home as Torontonians look for more living space post-pandemic. Others are being constantly outbid and struggling to find family-sized rental accommodations.

One resident of Richmond Hill, Ontario, says that his landlord sold the place he was renting for $3,500 a month. In his hunt for a new family home, he applied to rent at a place that cost $3,800 per month and he was outbid by someone willing to pay $4,600 for the same house. After being outbid seven more times, he finally found a home by paying above the asking price and giving four months of advance rent.

A housing market expert that CBC talked to says that the pandemic has put a premium on extra space in the home now that people need that space to be a work area, a gym, and so many other things. Beyond that, Ontario has slowly eased up on its home building in favour of condos which aren’t as desirable now.

Only time will tell if this rental situation will settle, but it seems like it’s only getting started. Experts worry that as the pandemic loosens its grip on the world, it’s only going to get worse unless more low-incomes homes are built or if the government steps in to help,

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts