Leased Condominium Apartment Rentals up 38% Toronto

Leased Condominium Apartment
Transactions Up 38%

In the first four months of 2009, TREB members
reported 3,945 leased condominium apartments,
representing a 38% increase over the 2,854 units
leased during the same period in 2008. Almost 93 per cent
of all residential rental transactions on the MLS® involved
condominium apartments.

With the exception of three-bedroom units, average
condominium apartment rents declined. The average rent
for the benchmark two-bedroom apartment fell two per
cent from $1,852 to $1,813.

While the number of rental condominium apartment
transactions increased by almost 40 per cent, the number
of listings increased by over 60 per cent. Renters
experienced more choice and thus more negotiating power
with regard to rents.

Much of the increase in rental listings can be attributed to
a strong increase in the number of condominium apartment
completions at the end of 2008.

According to the Canada
Mortgage and Housing Corporation, fourth quarter
2008 condominium apartment completions increased by
96 per cent year-over-year in the GTA.
Most of these completions took place in TREB’s central districts.

Many completed apartment buildings registered as condominium
corporations in the first four months of 2009, resulting in
an increased number of investor-held units entering the
rental market.

* Canada Mortgage and Housing Corporation, January 2009, “Housing Market Tables: Selected South Central Ontario”

Central Area

• In TREB’s Central districts, Members reported rental
transactions for 1,496 one-bedroom and 903 twobedroom
condominium apartment units, which
leased for an average of $1,478 and $2,043 per month
respectively.

The average one-bedroom apartment rent
was down two per cent compared to the same period
last year. The average two-bedroom rent was down four
per cent.

• There were only 61 townhouses rented in the central
districts, of which 19 were three-bedroom units. The
average rent for these three-bedroom transactions was
$2,045 per month.

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