According to the Toronto Real Estate Board, condominium rentals in Toronto were up 13 per cent in the last quarter of 2012 when compared to the same time in 2011, for a total of 3,648 rental condominium apartment transactions.
“The number of rental transactions through the TorontoMLS system has been growing quite strongly over the past year, as many renter households are attracted to investor-held condominium apartments and townhomes that offer modern finishes and amenities in popular areas throughout the Greater Toronto Area,” said Ann Hannah, the president of the Toronto Real Estate Board in a press release.
Most of these rentals were one and two bedroom condominium units, with both types of units’ prices increasing. The average one-bedroom condo for rent increased in price by over four per cent to $1,626, while the average two-bedroom increased by about two per cent to $2,088.
“The rental market became better supplied in the fourth quarter compared to the same period in 2011 as growth in listed units outpaced growth in sales,” said Jason Mercer, the Senior Manager of Market Analysis for the Toronto Real Estate Board in the same press release. “With strong new condominium apartment completions over the past year, investors with a longer term investment horizon chose to rent their units rather than sell.”
He continues, “While the condo rental market became better supplied in the fourth quarter, there are no indications of oversupply, given that rent increases continued at or above the rate of inflation. Furthermore, the condo vacancy rate reported by CMHC for 2012 only edged upward by one tenth of one per cent compared to 2011.”
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