Rental condos new bidding-war battleground.

Carol Endicott ventured into Toronto’s condo market for the first time a few months ago and found herself caught up in a bidding war with four couples. Only thing is, she was looking to rent, not buy, the two-bedroom unit.

One couple was offering $2,700 a month — $700 over the $2,000 asking price — for the spacious unit at Mount Pleasant Rd. and Davisville Ave., with its showcase kitchen and main-floor gym, all within an easy commute of downtown.

“Toronto is booming with young professionals and they are pretty set in their minds what they want and what they can afford, so it gets a little competitive,” says Endicott, 32, who works for a major public relations firm.

“I hadn’t looked for an apartment in four years and I couldn’t believe it. I called my parents and they said, ‘Don’t get sucked in. Do not offer more than $100 more.’ ”

In the end, Endicott and her roommate were shocked to find they had the winning bid, at $2,100. The condo owner thought they had good jobs and would take care of the place.

With the vacancy rate now hovering around 1.4 per cent — down from 3.5 per cent in 2009 — demand for glass-and-granite condos has become incredibly intense in central Toronto, where the condo boom has created the illusion of lots of supply, though there’s not yet enough to keep up with rental demand. >>full article

Source: Moneyville 

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Comments

[Bill Shields]

These better be some nice new condos that people are bidding on. The only other ones worth bidding on are if you really need housing. Lucky me, there's plenty in Edmonton, so I don't have to fight, except for the good ones.

[Bill Shields]

I'd rather not get involved in a bidding war over (http://new.cdlhomes.com) new condos . Those things scare me. I saw one once in Edmonton. Yeah, not going to one again. Those people can get nasty.