Toronto Housing Market Soars, Renters Remain Worried
On March 23, 2022 the Building and Industry Land Development Association, along with Altus, released sales data for Toronto housing sales for the last 12 months. New condos rose 13% for an average sales price of $1,177,739.00. Single family home went up even more, a whopping 35.3% for an average cost of $1,858,713.00.
Inventories are at record lows, which is spiking the prices upwards. This leaves tenants seeking to live in the Toronto area in a vulnerable position. With mortgage prices rising, rents are also skyrocketing in the city.
Our firm has received many calls from worried tenants who are asking about lease terms, N12s, and N13s. If you are looking to have these questions answered, do not hesitate to contact us at brett@lockwoodparalegal.ca or 905-597-4788.
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