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.
For the January to April 2011 period, TREB Members reported 5,079 lease transactions for condominium apartments and townhomes.This result was up 18 per cent from 4,319 lease transactions reported during the same time-period in 2010.
The number of rental units listed on the TorontoMLS® rose 10 per cent to 9,374 units.The increase in listings reflects the high level of condominium apartment completions over the past year. Some investors chose to lease their units upon completion.
With the number of transactions rising at a greater rate than the number of units available for rent, rental market conditions tightened. Average rental rates were up in comparison to last year. One-bedroom apartments rented for an average of $1,485 per month, up 1.5 per cent year-over-year. Two-bedroom apartment units rented for an average of $1,958 per month – up 2.5 per cent compared to the first four months of 2010.
• In TREB’s West districts, 974 condominium apartments were rented during the first four months of 2011. Of these, 416 were one-bedroom units, which rented for an average of $1,351 per month – up 3.9 per cent over last year.
There were 518 two-bedroom apartment rentals, which leased for an average of $1,648 per month – up 0.4 per cent compared to 2010.
• TREB’s West districts accounted for the largest share of townhouse rentals during the reporting period, with 144 transactions in total. Of these, 102 were three bedroom units, which rented for an average of $1,693 per month – up 7.2 per cent from last year.
Below is a Graph showing TREB Historical Average Price Data
Read the entire rental report here
In this Issue of my Real Estate Sales newsletter
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