Rents are plunging in the world’s richest cities!
From New York to London to Sydney to Singapore… Landlords are all facing rent declines.
With downtown Toronto being the home to the second largest financial centre in North America just behind New York, we’re no exception.
On the supply side, a record 7,776 new condo units were completed in the 3rd quarter of 2020.
Typically, one-third of the units are investors owned.
And indeed, these new units produced 2,366 rental listings.