|By Marketwired .||
|January 11, 2013 01:01 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 01/11/13 -- Greater Toronto Area REALTORS® reported 3,648 rental condominium apartment transactions through the TorontoMLS system in the fourth quarter of 2012, up 13 per cent from the 3,234 transactions recorded 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. Furthermore, the condo vacancy rate reported by CMHC for 2012 only edged upward by one tenth of one per cent compared to 2011," continued Mercer.
Rental Market Summary Tables: Fourth Quarter 2012 Apartments All Bedroom Types Bachelor Avg. Listed Leased Leased Rent ------------------- -------------------- Q4 2012 7,161 3,648 81 $ 1,359 Q4 2011 6,090 3,234 65 $ 1,257 Yr./Yr.% Chg. 17.6% 12.8% 24.6% 8.2% Townhouses All Bedroom Types Bachelor Avg. Listed Leased Leased Rent ------------------- -------------------- Q4 2012 617 254 2 $ 975 Q4 2011 537 233 1 $ 1,375 Yr./Yr.% Chg. 14.9% 9.0% 100.0% -29.1% Rental Market Summary Tables: Fourth Quarter 2012 Apartments One-Bedroom Two-Bedroom Three-Bedroom Avg. Avg. Avg. Leased Rent Leased Rent Leased Rent ------------------ ------------------ ------------------ Q4 2012 1,982 $ 1,626 1,486 $ 2,088 99 $ 2,327 Q4 2011 1,740 $ 1,558 1,336 $ 2,049 93 $ 2,312 Yr./Yr.% Chg. 13.9% 4.3% 11.2% 1.9% 6.5% 0.6% Townhouses One-Bedroom Two-Bedroom Three-Bedroom Avg. Avg. Avg. Leased Rent Leased Rent Leased Rent ------------------ ------------------ ------------------ Q4 2012 33 $ 1,338 77 $ 1,881 142 $ 1,880 Q4 2011 23 $ 1,318 83 $ 1,788 126 $ 1,970 Yr./Yr.% Chg. 43.5% 1.5% -7.2% 5.2% 12.7% -4.6%
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.
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