Amidst the expected increase of taxes and interest rates, condo prices are bound to increase but at a slower rate, said OrangeTee CEO Steven Tan.
“Rents continued to climb as landlords may have upped rental prices in line with expected interest rate hikes and growing inflation. With an overall tight housing situation, renters may have no choice but to accept the increase in rents,” said Tan.
He said more condos will finish construction in 2023 will make the increase slower. It will offset the rental prices, which will continually increase stemming from landlord’s hurt by the GST, property tax, and interest rates.