Building Industry and Land Development Association (BILD)<\/a>, new home sales in the GTA have now hit historic lows for the thirteenth straight month, with condo apartment sales dropping to just 248 units in Oct., two per cent below last year\u2019s record-setting low and a staggering 88 per cent under the 10-year average.<\/p>\nWHY IS THE MARKET SHIFTING AND BECOMING MORE FLEXIBLE?<\/p>\n
With an abundance of similar options available, Williams says negotiations are happening more often, and they\u2019re working. She attributes this not to falling rents overall, but to changing conditions that make landlords more willing to bend.<\/p>\n
\u201cI am seeing that it is successful. People are definitely trying,\u201d she said, noting that many owners are navigating a tough moment for condo sales.\u00a0<\/p>\n
\u201cLandlords know that this market to sell is maybe not the greatest for them right now. So, they are open to having a conversation, of coming down in price.\u201d<\/p>\n
For landlords, it often becomes a question of simple cost-benefit.<\/p>\n
\u201cWhat\u2019s more favourable, maybe negotiating $150, or having the unit sit vacant for another month?\u201d<\/p>\n
The trend appears to be expanding beyond downtown Toronto, as Williams says it has spread across multiple corners of the GTA.<\/p>\n
\u201cI think it\u2019s all over GTA. It\u2019s Mississauga. It\u2019s downtown Toronto. There\u2019s pockets in Oakville, Burlington\u2026 there\u2019s just a lot of inventory with these condos right now,\u201d she said.\u00a0<\/p>\n
She also notes that renters are encountering different types of buildings, from traditional investor-owned condos to purpose-built rental buildings, each offering its own screening and management process.<\/p>\n
HOW CAN RENTERS NEGOTIATE?<\/p>\n
Williams says the strongest leverage renters have come from preparation: understanding the market, knowing when similar units are priced lower, and presenting well-organized paperwork.<\/p>\n
She\u2019s also seen landlords experiment with incentives to keep units competitive, particularly in larger towers with many similar layouts.<\/p>\n
\u201cI have seen some landlords waive a month or two [of rent], especially in larger buildings where they\u2019re competing with similar units. I\u2019ve seen\u2026 free internet for a fixed term,\u201d she noted.<\/p>\n
Still, negotiations don\u2019t always succeed, as some landlords might simply have financial constraints or specific thresholds they won\u2019t change.<\/p>\n
\u201cSome landlords are just very firm in what they\u2019re looking for and the price point that they want.\u201d<\/p>\n
This is where a polished application becomes crucial, as Williams says organization and transparency can strengthen a renter\u2019s position even beyond other criteria.<\/p>\n
\u201cProviding everything\u2026 the full Equifax report, the pay stubs, the ID\u2026 package it together very nicely. Be strong and organized, because that in itself gives the landlord confidence, and then that gives you some leverage when it comes to negotiating,\u201d Williams said.\u00a0<\/p>\n
For anyone hoping to secure a new place, one detail remains important: their credit score.<\/p>\n
\u201cMake sure that your credit is intact; that is the number one thing they look for.\u201d<\/p>\n
Above all, Williams says renters should feel encouraged to ask questions and negotiate conditions, especially if they\u2019ve maintained a positive relationship with their current landlord.<\/p>\n
\u201cIf you have a clear, open sense of communication with your landlord, where you guys have been on good terms. You\u2019ve gotten along\u2026 it doesn\u2019t hurt to ask.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"What to know A surge of identical and similar condo units across the GTA is giving renters rare…\n","protected":false},"author":2,"featured_media":313880,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48,139840,3302],"class_list":["post-313879","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada","tag-rental-market","tag-toronto"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/313879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=313879"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/313879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/313880"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=313879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=313879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=313879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}