Report on last months News
GTA Resale Housing Sales Up
Rental market is not updated as frequently as the resale's sales data, but it's still great information for potential investors or if you are thinking of renting out your property.
GREATER TORONTO REALTORS® REPORT Q1 RENTAL MARKET FIGURES
TORONTO, April 17, 2015 - Toronto Real Estate Board President Paul Etherington announced that condominium apartment rental transactions and listings reported by Greater Toronto Area REALTORS® were up strongly on a year-over-year basis in the first quarter of 2015.
The total number of units rented was up by 20.9 per cent to 6,074. A very similar annual growth rate of 20.2 per cent was noted for the number of units listed during the first quarter, with the number climbing to 13,409. Two-thirds of condo apartment rental transactions took place in TREB's central districts within the City of Toronto.
“There are many renter households in the GTA and this number continues to increase as our population grows each year. As a result, demand has been strong, keeping vacancy rates low.
This is why, even as more investor-held units became available for rent over the past year, many of these units were absorbed in short order. Condo apartments appeal to renters looking to take advantage of new, modern apartments located in popular locations in the City of Toronto and surrounding regions," said Mr. Etherington.
The great majority of condo apartment rentals were accounted for by one-bedroom and twobedroom units. The average one-bedroom rent was up by 0.8 per cent year-over-year to $1,585. The average two-bedroom rent was up by 1.1 per cent year-over-year to $2,180. "There was enough demand from renter households in the first quarter to see moderate average rent increases for the popular one-bedroom and two-bedroom apartment types.
The fact that new listings continued to be absorbed speaks to the fact that the GTA rental market remains tight and investor-held condo units make up an important segment of the overall rental stock," said Jason Mercer, TREB's Director of Market Analysis.
Toronto, January 22, 2014 – Greater Toronto Area REALTORS® reported an 18 per cent year-over-year increase in condominium apartment rental transactions in the fourth quarter of 2013, with a total of 4,305 condo apartments leased compared to 3,644 during the last three months of 2012. Over the same period, the number of ondominium apartments listed for rent was up by 31 per cent.
“The construction of purpose-built rental properties has been a tough sell over the past decade. This means that investor-owned condominium apartments have increasingly filled the void in terms of meeting the needs of renters. People looking to rent modern apartments in popular neighbourhoods close to work and leisure opportunities have been focused on rental condos. Investor-owners have moved to meet this demand by listing their units for rent in greater numbers,” said Toronto Real Estate Board President Dianne Usher.
The majority of condominium apartment rental transactions – approximately 95 per cent – involved one-bedroom and two-bedroom apartments. Rent growth for these unit types was mixed.
The average one-bedroom rent was down by 1.6 per cent year-over-year to $1,600, whereas the average two-bedroom rent was up by 3.7 per cent to $2,165.
“Condominium apartment completions were up in the GTA in 2013. Some of these newly completed units are owned by investors with a longer term outlook. Many of these individuals will have listed their apartments for rent. In all likelihood we will continue to see an increase in the number of apartments listed for rent in 2014. The degree to which the increase in listings is balanced out by an increase in demand will dictate the pace of average rent growth over the next 12 months," said Jason
2014 Maximum allowable rental increase
Read the entire rental report here
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