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Honey The Kids Are Moving Out… I Think?

Baby boomers nearing retirement may be overjoyed as their kids finally leave home. The bad news? Their children may have trouble finding a place to live.

The echo boomers are finally moving out of their parents’ homes and expected to be the biggest rush of renters to hit Toronto’s housing market since the early 1990s, according to projections by the Canada Mortgage and Housing Corp.

But they’re likely to be renting for quite a while — much longer than their parents, thanks to a job market that remains tentative and offers far less of the stable, full-time employment that made their parents the most affluent generation of all time.

That boom in rental demand is already being felt with bidding wars for prime units and vacancy rates for apartments and rental condos hovering at 1.6 per cent, the lowest vacancy rate in a decade, says Shaun Hildebrand, CMHC’s senior market analyst for the GTA.

That vacancy rate has been declining steadily since 2004 when it stood at 4.3 per cent.

There are currently 325,000 rental apartments across the GTA, says Hildebrand, but just 1,500 new units are being added each year, most of them high-end rentals aimed more at affluent, downsizing baby boomers.

Even the unprecedented condo boom across the GTA, much of it driven by investors, many of whom are putting up their units for rent, is having a hard time keeping up with demand, says Hildebrand.

That is already playing out in bidding wars for brand new and two-bedroom units, with some would-be renters offering to pay more per month or offering up to six months’ rent in advance.

The GTA has seen such an unprecedented building boom the last few years that we now have almost as many condos as rental apartments. Read More…

 

 
Source Photo and Text: MoneyVille.ca
 

 

Category: Blog & News

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