It has been no surprise that Toronto's rent has taken off and gone way way up with bidding wars on multiple units. Some people saw the news and got upset waiting for a crash, while others decided to start number crunching to find that you can now buy a condo, rent it, and have the renter pay off your mortgage + money in your pocket monthly.
Something to ponder: Condo prices may crash historically, but how often does rent price go down?
If you took Finance / Economics and didn't become a banker, this might be the time to put that knowledge to use (yes, I graduated with that degree -_-)
MAKE A SPREADSHEET of each property you see
FALL MARKET sees huge rent demand (university students starting school). Time your closing in line with July / August / early September
ACT QUICKLY if you see a good deal
and always always remember rule #1 - don't get got, you get.