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My rent had gone up about 40%, and my usable space down by about a third. Never mind. It was heaven. I was the first occupant. The appliances, including both dishwasher and washer/dryer, were big and shiny and the manuals were still inside. The whole place sparkled. The concierge collected my packages and greeted me warmly upon arrival, like I was a big shot.

According to Canada Mortgage and Housing Corporation statistics, the 40% premium for a rental condo over an equivalent purpose-built apartment is typical. But I had done my research. If you factor in amenities and factor out square footage — and if you hold out for a good deal — it can almost be a wash. You can’t even get a bachelor at the Manulife Centre for what I was paying for a one-bedroom. And you would still be doing your laundry downstairs with the plebes.

And it was easy: I found the unit online at Del Rentals, Tridel’s property management arm. I toured the building, saw a floor plan, signed the lease. Little did I know what I had gotten away with.

This past summer, the owner of my condo served the dreaded notice of impending self-occupation. I would have to be out on Sept. 1. And when I revisited the Del Rentals website, and many others, it seemed that rents had spiked beyond the limits of my budget — by $200 or more.

In fact, I got a steal the first time around. Olenka Mallon, a sales agent at Remax Condos Plus, explains that rental rates in areas without a lot of recent condo development — like Bloor and Sherbourne — tend to start cheap and appreciate rapidly.