How COVID-19 has impacted the condo market
TORONTO -- A new report says there's a rare window of opportunity to snag a rental condo in downtown Toronto as units that were listed on Airbnb prior to the COVID-19 outbreak are moving to the long-term rental market.
Zoocasa agent Andrew Kim said in a statement on Thursday now is the time for renters to leap into the downtown market, citing below market value prices and landlords who are willing to make compromises.
Brokerage Zoocasa says there were 83 per cent more Toronto condo apartments listed for rent in June of this year, compared with June 2019.
But rental listings were 257 per cent higher over that same period for 10 buildings in the downtown entertainment district and waterfront, a popular area for Airbnb visitors.
Zoocasa agents said on Thursday that higher vacancies, paired with a slow summer for tourism, could mean that condos once used as short-term rentals may become long-term homes for opportunistic tenants or buyers.
Still, the report only looks at a small slice of the market: Out of 6,845 condo rentals listed for rent across the city, Zoocasa's sample of Airbnb-friendly condos was focused on just 350 units listed in June, up from 98 listed for sale in the year-ago period.
Thursday's report also said these spots could be vacant for a number of reasons: lack of tourism and Airbnb demand, or the departure of remote workers, laid-off renters or students from the city in the early days of the pandemic.