The Current and Future State of Toronto Rentals
When it comes to Toronto rentals, we’re talking about one of the tightest rental markets in the country, most expensive homeownership markets, and a booming population. It’s little wonder that the City of Toronto has pent-up demand for rentals. And, for the first time since the early ’90s, we may be able to combat the dwindling supply levels and meagre options available for renters, slowly but surely.
As rental prices grow at accelerating rates, the future state of Toronto rentals is shifting. In addition, renters who have been priced out of the homeownership market are creating higher demand. In return, developers are taking advantage of higher returns. We’re seeing more purpose-built rental projects versus resale, particularly in the luxury and premium rental markets.
How Will Purpose-Built Rentals Fix Toronto’s Housing Crisis?
With an influx of private developers constructing a range of new purpose-built rental projects, this is one crucial step to fixing Toronto’s housing crisis.
Why? Anthony DeCarli of Westbank shares that, “increasingly, people are becoming more comfortable with the idea of renting as a lifestyle solution as an alternative to home ownership. Particularly among younger generations, there’s more of a willingness to look at the rental market as a long-term option. Communities want to see purpose-built rentals and developers are responding.”
In fact, the average vacancy rate for rental apartments completed in the Toronto region since 2005 was 0.6%. Today, the total number of purpose-built rental apartments under construction in the GTA are at a 30-year high. Particularly, the city is close to 5,000 purpose-built rentals that are expected to reach completion this year.
With this intention, we anticipate to strategically combat our supply problem. As more individuals get priced out of the resale market, there is a strong need for these designated rental options.
5 Purpose-Built Toronto Rentals that will Give You Serious Condo Envy
So, what does a purpose-built condo look like? Here are our top five purpose-built Toronto rentals that offer form, function and prime locations.
1. The Selby
Why we love this project: The Selby offers superior 5+ star amenities for anything you might want or need from a condo community that serves everyone.
| Neighbourhood: | North St. James Town |
| Main Intersection: | Bloor & Sherbourne |
| Occupancy: | Immediate |
| Suite Mix: | one, two and three bedrooms |
| Developer: | Tricon |
| Amenities: | - 3,500 sq. ft. state-of-the-art gym and yoga/spinning studio
- FitnessOnDemand (TM) fitness programming
- Outdoor kitchen and lounge
- Outdoor pool and deck terrace
- Spa with wet dry sauna, deluge showers and meditation area
- Games room and clubroom
- Private theatre
- 24-hour parcel lockers
- Electric vehicle charging stations
- Private off-leash dog park
- Dog spa with grooming area
- Underground resident and visitor parking
- Resident Lounge and Catering Kitchen
- On-site café, bistro, bar and lounge by Oliver & Bonacini
- On-site Concierge
- Overnight security
- Bicycle storage
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2. Two St. Thomas
Why we love this project: Two St. Thomas is a hotel-style environment with impeccable service that will make you feel like you’re living at the Four Seasons!
| Neighbourhood: | Yorkville |
| Main Intersection: | Bay & Bloor |
| Occupancy: | Immediate |
| Suite Mix: | one and two bedrooms |
| Developer: | Bentall Kennedy and Kingsett Capital |
| Amenities: | - 24/7 Concierge
- State of the Art Fitness Centre with FitnessOnDemand (TM) fitness programming
- Fireplace Lobby Lounge
- Resident Lounge
- Private Dining Room with Gourmet Kitchen
- Rooftop Terrace
- Professionally Curated Original Art Collections
- In-house Pet Spa
- Electric Car Charging Stations
- Parcel Management System
- On-site Property Management
- ClikFIX Online Maintenance Requests
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3. 39 Niagara
Why we love this project: Neighbourhood Charm! This development will be tucked away in a neighbourly block, smack in the downtown core while offering peaceful retreats such as Victoria Memorial Square Park. It’s perfect for walking the dog or picnicking in the sun.
| Neighbourhood: | Fashion District |
| Main Intersection: | Front & Bathurst |
| Occupancy: | July 2019 |
| Suite Mix: | one, two, and three bedrooms |
| Developer: | Minto |
| Amenities: | - 24 hour concierge
- Rooftop off-leash dog run
- Outdoor rooftop pool and urban garden
- Full-service fitness centre
- Sauna and steam room
- Barbecues and fire pits
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4. The Montgomery
Why we love this project: This brand-spanking new project offers functional layouts and premium full-size appliances which makes things a little easier for those downsizing and transitioning to condo life for the first time.
| Neighbourhood: | Yonge-Eglington |
| Main Intersection: | Yonge & Eglington |
| Occupancy: | Immediate |
| Suite Mix: | one, two, and three bedrooms |
| Developer: | Rockport |
| Amenities: | - Party Lounge, Fitness Centre
- Massage Treatment Rooms, Saltwater Outdoor Pool, Outdoor Terraces with BBQs
- Resident Dining Room
- Media Room, Bike Racks, Concierge, Underground Parking
- High Speed Internet
- On-Site Maintenance, On-Site Management, Guest Rooms, Parcel Pending Lockers
- 100% Smoke Free
- Dog Running Area with Pet Wash Station
- Tier 2 Green Building
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5. The Livmore
Why we love this project: With a great mix of suites and styles, this building has something for everyone and all within steps to transit, shops, and more.
| Neighbourhood: | Bay Street Corridor |
| Main Intersection: | Bay & Gerrard |
| Occupancy: | Immediate |
| Suite Mix: | studio; one, two, and three bedrooms |
| Developer: | GWL Realty Advisors Inc. |
| Amenities: | - Two-storey sky lounge, outdoor terrace, gym/fitness area (3,000 sq. ft.)
- Yoga/aerobic studio, party room (private function areas with kitchen facilities)
- Theatre/screening room, game room, dog spa and outdoor dog area
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Ready to move in?
Get in touch with our team today to schedule your private tour.
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This article is written by Urban enthusiast and food/travel junkie, Jessica Elizabeth Spillas. As the firm’s multi-talented Business Development Manager and Sales Representative, she is able to pair her passionate approach to buying, selling and investing in Toronto Real Estate with her flair for design and digital marketing. With this in mind, Jessica delivers unparalleled service with every interaction and works hard to keep her clients and colleagues organized and working at top-notch efficiency.
[image source: The Selby]
