GTA REALTORS® Release Rental Market Report
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS® RELEASE RENTAL MARKET REPORT
TORONTO, October 16, 2012 — Greater Toronto Area
REALTORS®
reported 5,241 rental transactions involving condominium apartments through
the TorontoMLS system in the third quarter of
2012. This result represented a three per cent
increase compared to the third quarter of 2011. Over
the same time period, the number of condominium apartments listed for rent
increased by 18 per cent annually to 8,845.
“The high number of condominium apartment completions
in the GTA in 2011 and the beginning of 2012 has been well-documented. Some of these newly completed units are
owned by investors who have a longer term investment time horizon. These investors have chosen to rent their
units out to generate cash flow,” said Toronto Real Estate Board (TREB)
President Ann Hannah.
One-bedroom and two-bedroom condominium apartments accounted
for 95 per cent of rental transactions in the third quarter. Average rents were up on a year-over-year
basis for both apartment types, increasing by almost 3.5 per cent for one-bedroom
units and over two per cent for two-bedroom units.
“Rental market conditions remained tight in the third
quarter, but average annual rent increases were not as strong compared to
most of the previous year. Growth
in rental listings outpaced growth in rental transactions over the past six
months. Prospective renters had more units to
choose from, which led to less upward pressure on rents,” said Jason
Mercer, TREB’s Senior Manager of Market Analysis.
Apartments
All Bedroom Types
Bachelor
One-Bedroom
Two-Bedroom
Three-Bedroom
Listed
Leased
Leased
Avg. Rent
Leased
Avg. Rent
Leased
Avg. Rent
Leased
Avg. Rent
Q3 2012
8,845
5,241
119
$1,336
2,733
$1,605
2,250
$2,097
139
$2,660
Q3 2011
7,484
5,073
132
$1,278
2,647
$1,552
2,187
$2,053
107
$2,360
Yr./Yr. % Chg.
18.2%
3.3%
-9.8%
4.6%
3.2%
3.4%
2.9%
2.2%
29.9%
12.7%
Townhouses
All Bedroom Types
Bachelor
One-Bedroom
Two-Bedroom
Three-Bedroom
Listed
Leased
Leased
Avg. Rent
Leased
Avg. Rent
Leased
Avg. Rent
Leased
Avg. Rent
Q3 2012
808
416
4
$1,363
44
$1,390
134
$1,759
234
$2,014
Q3 2011
630
381
2
$1,325
34
$1,278
103
$1,677
242
$1,924
Yr./Yr. % Chg.
28.3%
9.2%
100.0%
2.8%
29.4%
8.8%
30.1%
4.9%
-3.3%
4.7%
For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca
For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.
Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com
Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 31,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com
Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_rental_report_Q3-2012.htm
Tags: Toronto Realtor