It's growing like a weed as people continue to migrate here in big numbers from places like California.

I think AZ is also experiencing some growth and migration from expensive states like California. 

Factors that put pressure on these prices include strong immigration and in-migration numbers, strong employment growth, historically low interest rates and quite frankly - difficult access to employment centres in downtown Toronto. 

The net-migration rate3.

My thought on your short term rental being "dead" right now and looking at migrating to MTR or LTR is a good idea, I would also pose the question, what is your equity position on that property, and would now be a good time to 1031 exchange that property and move on to a property more like your other property to keep the higher rates of return by having 2 similar properties (maybe in the same sub market, where you could maybe reduce your management efforts also in the process by having the same maintainance teams, cleaners, etc. able to service both areas. 

A nice post by Harvard that shows migration patterns down to the county level (scroll down).https://www.jchs.harvard.edu/b...

The most significant factor I see happening is human migration.

I think you'll see issues in markets like NY, Chicago, and parts of CA where people are leaving in droves, but there is a huge net migration to Tampa.

I suspect (with my crystal ball), rents will continue to increase after CoVID settles down and people start to migrate back downtown again.

With more companies allowing a hybrid work option, I feel that the migration will continue. 4.