If ever you need solid evidence of how much Airbnb has impacted Toronto’s condo rental market, look no further than the city’s waterfront communities in 2020.
The COVID-19 pandemic has changed the residential landscape unlike anything we’ve ever seen in Toronto, driving up demand for detached homes, flooding the market with tiny condos and subsquently pushing rent prices into a downward spiral that shows no signs of stopping.
One reason behind this increase in condo supply pertains to office workers leaving their tiny downtown pads in search of larger, less-expensive homes — places where they can comfortably live and work, no commute required.
Another major driver of the trend has to do with Airbnb-lords selling off their vacant short-term units now that borders are closed and tourists are no longer clamouring for places to stay.
In an effort to better understand “the extent to which condo buyers and sellers were