Toronto The Livmore | 138.68m | 43s | Vertica | IBI Group

Is the distinction bewteen condos and rental buildings artificial? A huge number of condos are rented out - so what is the difference really? I suppose condo buildings tend to be newer and thus more expensive to rent, but that is a seperate issue.
 
I spose one difference is that condos can be bought, while typically apartments proper can only be rented.

I'd also say that apartments are more likely to be available for less per month, but that's more of a hunch.
 
Another difference is that many renters can afford their rent, whereas condo owners generally had the downpayment covered by their parents' financial backing or they live there because they went into massive debt (or a big mortgage) in order to live there...
 
What i am trying to say is there are many places available for rent in the city aside from rental buildings. You dont need to buy a condo, you can rent a condo.
 
... or a house. Or a floor in a house, with someone else renting another floor, and someone else renting the basement ...
 
Miscreant said:
I spose one difference is that condos can be bought, while typically apartments proper can only be rented.

I'd also say that apartments are more likely to be available for less per month, but that's more of a hunch.
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You're right about purpose-built apartments being cheaper than condominium rental units. As of 2010, avg rent for former is $1,041 whereas for latter it's $1,541.
 
Data on average rents is deceiving. Newer or renovated rental buildings (the one next to Opera Place, or Jazz, for instance) are closer to condo rents.
 
Bayer said:
Data on average rents is deceiving. Newer or renovated rental buildings (the one next to Opera Place, or Jazz, for instance) are closer to condo rents.
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Yeah, I don't know what the numbers are exactly. But I think my hunch that rental rents would be lower than condo rents is that many people who can afford a $1500+ monthly rent, which is what I see most condo rents start at, likely won't be long term renters, as they'll eventually be able to afford to enter a buyer's market. The many others who can't afford to buy, therefore, would be renting at a lower monthly rate. I'd say the average apartment rent is around $1100. But just a guess; I dunno.
 
Miscreant said:
The many others who can't afford to buy, therefore, would be renting at a lower monthly rate. I'd say the average apartment rent is around $1100. But just a guess; I dunno.
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Dont forget the approx. 50% or more of Toronto residents that are not entitled or pre-approved to a mortgage due to their financial situations...these people are all looking to rent.
 
Bayer said:
Data on average rents is deceiving. Newer or renovated rental buildings (the one next to Opera Place, or Jazz, for instance) are closer to condo rents.
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Yes, but generally speaking, it is cheaper to rent in a purpose-built rental building than it is at a condominium.

Here are two good ways to deceive yourself:

CMCH GTA Rental Market Report
https://www03.cmhc-schl.gc.ca/catalog/productDetail.cfm?lang=en&cat=101&itm=15&fr=1323021026890

Toronto Planning Rental Housing Supply and Demand Indicators
http://www.toronto.ca/planning/pdf/housing_rental.pdf
 
Miscreant said:
I'd say the average apartment rent is around $1100. But just a guess; I dunno.
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Market rentals vary wildly based on the area of the city, the neighbourhood, the condition of the building and amenities. Two bedroom examples, my building downtown was built in 1972 & has an indoor roof-top pool & gym, sun deck, saunas/change rooms, year 'round heat & A/C, are fully renovated & have dishwashers in many suites, updated security features/patrols and we pay $1640 inclusive for a renovated two bedroom. Two bedroom apartments in three buildings across the street and directly to the west of me range from $1250-$1400 but offer no amenities or A/C. The Maples complex & 33 Wood Street (all next to the Gardens) offer tiny to large two bedrooms from $1600-$1900, both with A/C & good amenities. College Park apartments have amenities, A/C & 3 appliances for $2000-$2200. The newer Jazz (Church & Shuter) or Bay Club (Wellesley & Bay) rental buildings offer medium size to large two bedrooms from $1900 - $2500 with 4-6 appliances and amenities. In St. Jamestown one get can a 2 bedroom for as low as $1100, some buildings have limited amenities like outdoor pools, tuck shops & such. Those are examples of how rentals can swing wildly in my area, it's the same all over the city though generally lower in the suburbs.
 
Yeah, but an average takes all that into consideration. But I can't really retort, as I don't have the numbers on what that average actually is. I'd be really surprised if it was more than $1500, though...or even if it was equal to or more than the average condo rental cost.
 
I understand One City Hall is going to be rental? Anyway, if you can find an example of equally new, similarly located, similar sized condos & dedicated rental you'll find the monthly rates are basicall the same.
Its basically a quality difference, nothing more.
 
buildup said:
I understand One City Hall is going to be rental? Anyway, if you can find an example of equally new, similarly located, similar sized condos & dedicated rental you'll find the monthly rates are basicall the same.
Its basically a quality difference, nothing more.
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You mean Two City Hall, now called "Motion", right? One City Hall are condos.
I'd expect higher pricing for Motion given it's extraordinary location, facilities being offered, LEED Gold certified building and five appliance package. Presumably 43 Gerrard will also offer higher end facilities and appliance packages too, though unknown as of now.
 
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