According to a Royal LePage survey, 25.2 per cent of homeowners in Toronto plan to rent out their property, if Toronto wins the 2008 Olympic bid.
The real estate company said homeowners would be looking to double the average rental rate and get $1,185.11 per week for a standard, two-bedroom condominium downtown.
But that is well below the actual weekly rent of an average apartment in Sydney, Australia which was $2,800 per week, more than double the Toronto rate. And in Atlanta the rent more than tripled during their Games.
Ted Zaharko, of Royal LePage in Calgary, said that Olympic partygoers are only looking for the creme de la creme of property. “The high-end homes, worth maybe $450,000 to $1,000,000 were renting for about $15,000 to $20,000 for a month. There was only marginal interest on the lower end”. He was referring to the 1988 Calgary Winter Olympics.
Meanwhile, 34 per cent of those polled believed property values would increase if the Games were held in Toronto.
