More Canadians opt to lease condos amid surging demand for rental market: Report
BNN Bloomberg
More Canadians are opting to lease their condominiums as a surging demand for rental properties persuade individuals to hold onto their properties, according to a RE/MAX Canada report.
In RE/MAX’s 2022 Canadian Condominium Report released Thursday, it found the condo market is “losing inventory to an attractive rental market, as would-be sellers simply opt to lease their units long-term.”
“For those who have adjusted expectations with every rate hike, the cost of carrying a mortgage versus renting is now more comparable, given sharp double-digit increases in rental rates throughout the major markets, but especially in B.C. and Ontario,” said Christopher Alexander, president of RE/MAX Canada, in the press release.
“So, while fewer sales have occurred in 2022, condominiums represented a greater proportion of overall sales, as buyers gravitated to affordable options to achieve home ownership.”
