Has the expanded rent controls had any impact on the sale or value of condo units in the downtown?
So far, there’s no definitive evidence that investors have backed away from purchasing condominiums.
I haven’t seen any decline in price, and if there were, I don’t know that we can trace it back to investors, as opposed to end users.
I’ve sold two condos to investors since the announcement, both of whom I was working with before the announcement.
There’s a sort of “natural turnover” in Toronto, since most tenants in smaller, 1-bed, 1-bath condos tend to move on every 12, 18, or 24 months. Life changes, people move, get new jobs, move in with partners, etc.
The fear of a tenant staying for 20 years and the landlord not being able to raise the rents isn’t warranted – at least not in Toronto.