True, false or uncertain? Justify your answer.

Consider the new ultra-deluxe Residences of Yorkville Plaza in downtown Toronto. A standard condominium is being sold for $3,000,000. The annual condo fees of $90,000, paid by the owner, will cover expenses like property taxes and maintenance. Investors are renting these places to tenants at $150,000 per year. If the interest rate for the next year is 3 percent, and both the ownership and rental markets are in equilibrium, then investors must expect the growth rate in condo prices to be 5 percent.