Saturday, March 09, 2013

Toronto and Mississauga rental market report shows Strong Growth in Rental Transactions Listings in Q4 for 2012

Below is the report and a chart showing average prices etc. for the rental market in the GTA for the 4th quarter of 2012

The number of rental transactions is up about 13% year over year

One bedroom units are up about 4% to an average of $1626 per month 2 bedroom units up 2% to $2088 per month

TREB feels that although there are more condos on the market for rent they feel there are no indications of oversupply given that rental increases are continuing at or above inflationary figures.

All the best!
Mark




 







Strong Growth in Rental Transactions/Listings in Q4

Toronto, January 11, 2013 - Greater Toronto Area REALTORS(r) reported 3,648 rental transactions for condominium apartments through the TorontoMLS system in the fourth quarter of 2012, up 13 per cent from the 3,234 rentals reported during the same period in 2011. The number of units listed for rent
at some point during the fourth quarter was up by close to 18 per cent on a year-over-year basis.

"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 Toronto Real Estate Board (TREB) President Ann Hannah.

One-bedroom and two-bedroom apartments accounted for the vast majority of transactions. The average one-bedroom rent was up by more than four per cent annually in the fourth quarter to $1,626. The average two-bedroom rent was up by almost 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. 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," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"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," continued Mercer.

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