Toronto Rental Bidding Wars: It’s Happening.
We know all about Toronto’s red-hot home buying market, with bidding wars driving up purchase prices by 10’s of thousands of dollars. What is surprising is that, with fewer rental properties available, we are seeing bidding wars on rental properties too!
Renting for $800 over-asking
A client of ours recently renovated their basement and put out an ad offering the space of $900/month in the Little Portugal area. Much to their surprise, they had four prospective tenants offering more than the advertised amount, with the winning bid coming in at $1700/month. Who could blame the landlords for accepting such an attractive offer?
If you’re a homeowner, get on board!
Currently there are 6,000 rental units being built in Toronto, the most there have been in years. With home prices becoming unaffordable for a large portion of the city’s residents, getting in on this trend would be advisable for homeowners looking to augment their living expenses.
Refinance, Renovate and Earn.
Your single-family home could be renovated to include a rental unit, thereby generating more monthly income and adding to the property value. Matrix Mortgage Global specializes in home equity refinances/renovation loans and can make this a reality for you.
According to our recently conducted survey, over 81% of respondents are feeling the cash crunch. Increase your monthly cash flow by converting your basement into an income-earning rental unit and thank us later!
Call 1.800.429.0717 to discuss refinancing to renovate and start 2017 off with a leg up.