Toronto apartment rents tumble as vacancy rates hit a 50-year High
Toronto Apartment Rents Tumble a 50-year High, many ask is Airbnb to Blame for This Tumble? Or are there a few underlying factors the cause of this financial tumble?This tumble started to happen when Airbnb got out of the Short Term Rental Business in Toronto. The City of Toronto, made it illegal to host guests outside of your home. The condo boards, also blacklisted running Airbnb in certain condo buildings. So this tsunami of changes fueled the decline of the condo’s being a profitable real estate investments.Also let’s not forget that Covid-19 and the Coronavirus has a part to play in the fall of the condo market rents and the sales of the condos.This tsunami happened when too many investors got into the Short Term Rental (STR) (Airbnb) business. Every investor needs to diversify into both Short Term Rentals and Long Term Rentals. That’s been the secret to my real estate success since 2000!!I was one of the few investors in the marketplace who was diversified in 2000. With the advent of Airbnb then others got involved. But the other investors again forgot to diversify and now have to sell their properties at a loss. They didn’t do their homework, they only saw short term gain and not long term business strategy. Read the great article below!!
Toronto apartment rents tumble as vacancy rates hit 50-year high https://ca.finance.yahoo.com/news/toronto-apartment-rents-tumble-as-vacancy-rates-hit-50-year-high-185928584.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr via @Yahoo