The cost of living in Toronto has increased in recent years because the demand for affordable properties in the city is greater than the supply available. According to a Toronto rental property  study done by Urbanation, in the fourth quarter of 2016, the amount of time a condo spent listed on the rental market was 13 days, down by a week compared to the last three months of the Toronto rental market in 2015.  That said, renting an apartment in Toronto is still possible with many beautiful spaces available in the city. One place offering beautiful units with fantastic amenities is the newly built Balliol Park Apartment rental complex located at Yonge and Davisville.

Toronto is one of the best places to live. It was ranked as the 4th most liveable city by The Economist in August 2016. More and more people are moving to Toronto for work, downtown city living, shopping, and all the attractions this wonderful city has to offer. As a result,  living costs have been increasing drastically. The reality of this competitive housing market is that Toronto real-estate has low inventory and high list to sale prices. From first-time buyers, to empty nesters, people today may experience challenges with discovering an affordable place to live in the city.

Consider the fact that we no longer live in a time where it’s expected, or even possible, for a person to finish school, find a job, and own an affordable home in Toronto. As a result, many people are searching for low maintenance homes with luxurious amenities in the city of Toronto. People are searching for affordable housing alternatives as opposed to purchasing a house that comes with a large mortgage and 30 years of debt. And for some, the condo market had become the solution to this. For a time, condo rentals were the hot new, less bank-breaking alternative to owning, but this has changed. The CBC recently reported a Toronto Real Estate Board statistic that as Toronto continues to build up, the condo market has become more competitive, with the average monthly rent for a one-bedroom condo rising 7.4% in just a year. Toronto buyers are being priced out of their low-rise homes, causing a greater demand for available units in high-rise buildings in the Greater Toronto Area.

Many people searching for a place to live have been turning to high-rise living as a solution. Young professional couples who no longer want to rent look to make an investment in the condo market. On the other hand, families who want to save for the future and not be burdened with paying off a mortgage, have been buying two-bedroom and three-bedroom condo units in Toronto. The sale of two-bedroom and three-bedroom units in the 20 top-selling condo apartments in Toronto rose to make up 44 percent of the market in the second quarter of 2016.

The Toronto housing market can’t keep up with the increasing demand for condos. Even with all the new apartment complexes and luxury condos in recent years, the condo supply has still been down. This means that realtors have had to raise their sale prices to keep up with the competition. It’s clear that Toronto’s housing market needs a better solution and that solution will be purpose-built rentals, like Bailliol Park, that are located in good neighbourhoods and have premium appliances built in. Balliol Park is located in midtown Toronto, at Yonge and Davisville, a hot, up and coming neighbourhood because of the long list of convenient amenities and attractions nearby.  

Purpose-built rentals are needed not only to solve the supply problem in the condo market, but also the issue of landlords in downtown Toronto condo listings . Frequently, prime condo units in Toronto are bought by landlords who then rent them out to tenants for way more than the original price. As a result of the competitive condo market, landlords have also been evicting tenants in order to spike up the rent and sell again. Tenants can also run into trouble when renting from foreign landlords. A landlord may legally choose to move into his or her unit at any time, kicking his or her tenant out, giving little notice. An analysis of data from Ontario’s Landlord and Tenant Board, reported by the Globe and Mail revealed that applications for evictions submitted by landlords for ‘other’ reasons rose by 1314 cases from 2012 to 2016. These ‘other’ reasons include evicting to relist a unit at a higher rental price, the landlord deciding to move into the unit, and the unit being bought from the landlord by another individual.

Renting from condo owners can be a tricky business, not to mention how hard it can be for tenants to get renovations and upgrades done on their units once they’ve moved in. Yet, it is not impossible to find a beautiful and move-in ready high-rise building in the GTA in 2017. The security of living in a building built to rent has become appealing to both millennials and retired couples. With luxurious amenities, such as the 24-hour concierge at Balliol Park, you won’t have to worry about your dream home in the city when living in a purpose-built rental unit. Owning is no longer working for us, the condo market is no longer working with us, so Toronto has found itself looking at purpose-built rentals as a preferred living option in 2017.

With all the new, modern apartment rentals popping up, it’s not hard to see that this could be the answer Toronto needs. More and more people are getting turned onto these purpose-built, premium rental apartments in Toronto. It helps that Balliol Park, and other modern rental apartments, now offer condo-like amenities, so you can rent from a respected management group while enjoying the perks of an indoor/rooftop pool, fitness centre, screening room, and more. Floor plans in rental suites like these can range up to 1007 sq. ft. Let’s look at what other advantages purpose-built luxury rental apartments in the city of Toronto have to offer this 2017.

Security

Purpose built-rental apartments are built with the intent to rent all units in the structure. This is different than renting a unit from a landlord in a downtown Toronto condo because here, at Balliol Park, you’re renting directly from the building’s management company. In a purpose-built rental, you don’t have to live in fear of being evicted at a moment’s notice and left struggling to find a new place to live in the competitive 2017 Toronto real-estate market.

Luxurious Amenities

As mentioned, most new purpose-built rentals are being built with the same luxurious amenities you would get living in a condo in downtown Toronto. At Balliol Park, you’re renting a unit that comes with an open-concept kitchen/living room that has stainless steel appliances, quartz countertops, and luxury flooring. And if all this is not enough, you still have the option of using the building’s party room for entertaining guests.

Convenience and Attractions in the City

Located in midtown Toronto, in the highly coveted Yonge and Davisville neighbourhood, Balliol park is just a short distance from various restaurants and stores . As well as being right on the subway line, there are over 10 schools within a 1km distance of Balliol Park. The promise of these conveniences and attractions in the city makes purpose-built rentals a perfect option for families looking to raise kids in an apartment in Toronto.

You can see that purpose-built premium rental apartments offer everything a condo does, but with the added convenience of renting free from the financial strains of owning or renting from money-hungry landlords. The Toronto condo-market better watch out. Luxury apartment rentals, like Balliol Park, are moving in.