Thursday, February 05, 2009

TREB report on Rental Market in GTA

This is the quarterly report by the Toronto Real Estate board with regards to rental property transactions over the past quarter

Highlights are:
  • there were 3433 rental transactions in the last quarter, a 30% increase over the same period in 2007
  • condominium apartments make up the bulk of rental dwellings in downtown Toronto and downtown Mississauga

West Area

• Transactions rose 30% to 837 units, due in part to listings near Mississauga City Center.

• 699 condominium apartments were rented, up 33 percent. Average rents trended upward in two out of four categories (one and three bedroom units). Two bedroom rents fell marginally to an average of $1,611 per month.

• The West districts remained TREB’s most active area for townhouse rentals, with 138 leased over the past four months. Two-bedroom units rented for an average of $1,502 per month, down two percent. Three-bedroom units rented for an average of $1,555 per month, down one percent from last year.

The full release is below
Thank you,

Between September 1, 2008 and December 31, 2008, Toronto Real Estate Board (TREB) Members reported 3,433 rented condominium apartments and townhouses in the Greater Toronto Area.
This represented a 30 per cent increase over the 2,635 transactions recorded during the same time frame in 2007. A good part of this increase likely came from rental listings in newly completed condominium apartment buildings containing investor-owned units.

"The increasing strength of the rental market combined with low interest rates and reasonable home prices mean that now could be an excellent time to purchase an investment property," said Maureen O'Neill, President, Toronto Real Estate Board.

"Given the demand for rental units, tenants can cover some of the owner's operating costs for an investment property, while property owners look forward to a healthy return in the market value in the long term."

Condominium apartment rents on an annual basis rose for one, two, and three bedroom types during the September to December period. Two bedroom units, for example, rose two per cent to $1,895 per month.

"Investor-owned condominium apartments have become an increasingly important component of the GTA rental market," according to Jason Mercer, Senior Manager Market Analysis.

"Very few purpose-built rental apartments have been completed in the GTA over the past few years. Many renters searching for apartments with modern finishings and amenities have been attracted to rental condominium apartments listed by TREB Members on the TorontoMLS system."

Total Av. Rent Av. Rent Av. Rent Av. Rent
Condo Apt. Bachelor 1-Bedroom 2-Bedroom 3-Bedroom
Sept-Dec 2,404 $1,232 $1,451 $1,858 $2,011
Sept-Dec 3,152 $1,194 $1,485 $1,895 $2,056
% Change +31% -3% +2% +2% +2%
Source: Toronto Real Estate Board

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