objet: Avis D'augmentation De Loyer
La presente est pour vous aviser que votre loyer mensuel actuellement au montant de ($)。Sera augmente(d) mensuellement de($) et ce, A compter du premier juillet prochain ce qui portera le montant mensul de votre loyer A ($)。
Condo rents jumped 17 per cent last year — and they’re not done rising, says report
Toronto area tenants can expect a more moderate rental climate in 2023 following a return to tight pre-pandemic vacancy rates and a record 17 per cent rise in condo rents last year, according to a market research company that tracks highrise development in the GTA.
Urbanation is forecasting a more traditional rent increase this year “in the 5 per cent range.”
It expects prices will rise despite a record number of new condos and purpose-built apartments coming up for occupancy. The rent growth will be driven by unprecedented immigration levels and homebuyers who continue to stand on the sidelines of the ownership market as they come to terms with interest rate increases, the company said Friday in a fourth quarter report.
President Shaun Hildebrand said it’s important to note the context of rent declines of 6.8 per cent in 2020 and 0.5 per cent in 2021. As well, he said the composition of newcomers is also driving up prices.
“You’re seeing a surge in immigration, not just in terms of numbers, but also incomes. The composition of the migration is skewing more toward highly skilled labour. They’re coming in with higher earning power than in the past and going into sectors with typically higher wages like health care and construction,” he said.
Urbanation’s rent numbers are based on the price of units occupied after Nov. 15, 2018. Hildebrand noted the vast majority of tenants live in older buildings subject to the annual provincial rent growth guideline of 1.2 per cent last year.
The fastest rent growth has been in municipalities surrounding the downtown — Etobicoke, Scarborough and North York — which showed as much as 21 per cent year-over-year increases. Those areas typically attract high levels of newcomers to the rental market, he said.
The premium tenants pay for living in the City of Toronto versus the surrounding 905 areas, which shrank to a low of 12 per cent in 2020, has begun to recover rebounding to about 19 per cent last year, said Hildebrand. Pre-pandemic it cost about 28 per cent more to rent in the city.