Janice Hall rents a three-bedroom unit in the Waverley, a four-year-old purpose-built rental (PBR) tower on Spadina Avenue just north of College Street.

It may not be an upscale condo, but the thirtysomething optician says that, in some ways, it seems like one. Amenities in the 15-storey, 166-unit property built and managed by Fitzrovia include a rooftop infinity pool and terrace, 24-hour concierge, free high-speed Wi-Fi, and an onsite café, wine bar and juice shop. “I’ve rented condos before, but none of them were this nice,” she says. Suites range from studios to three bedrooms and rent for between $2,500 and $5,725 a month.

While sales of new condos have fallen drastically — – pre-construction sales in the GTA have plunged to levels not seen since the 2008 financial crisis, the Roya

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