It was not occupied for any purpose before June 17, 1998
– meaning it is either in a new building (often a condominium building) built since 1998, or an older building with a new unit or never occupied, residentially or otherwise, before June 17, 1998
The average one-bedroom apartment rent was $1,662 in the first quarter – up 4.8 per cent compared to the same period in 2015. The average two-bedroom rent climbed by 8.9 per cent to $2,375 on a year-over-year basis.http://www.trebhome.com/market_news/release_market_updates/news2016/nr_rental_report_Q1-2016.pdf
Given the number of units that are being built; while everyone is concerned about a bubble, the rents increasing because they are being absorbed by the market.
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David Pylyp
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