Welcome!

News Feed Item

GTA Realtors(R) Release Rental Market Report

TORONTO, ONTARIO -- (Marketwired) -- 01/22/14 -- Greater Toronto Area REALTORS® reported an 18 per cent year-over-year increase in condominium apartment rental transactions in the fourth quarter of 2013, with a total of 4,305 condo apartments leased compared to 3,644 during the last three months of 2012. Over the same period, the number of condominium apartments listed for rent was up by 31 per cent.

"The construction of purpose-built rental properties has been a tough sell over the past decade. This means that investor-owned condominium apartments have increasingly filled the void in terms of meeting the needs of renters. People looking to rent modern apartments in popular neighbourhoods close to work and leisure opportunities have been focused on rental condos. Investor-owners have moved to meet this demand by listing their units for rent in greater numbers," said Toronto Real Estate Board President Dianne Usher.

The majority of condominium apartment rental transactions - approximately 95 per cent - involved one-bedroom and two-bedroom apartments. Rent growth for these unit types was mixed. The average one-bedroom rent was down by 1.6 per cent year-over-year to $1,600, whereas the average two-bedroom rent was up by 3.7 per cent to $2,165.

"Condominium apartment completions were up in the GTA in 2013. Some of these newly completed units are owned by investors with a longer term outlook. Many of these individuals will have listed their apartments for rent. In all likelihood we will continue to see an increase in the number of apartments listed for rent in 2014. The degree to which the increase in listings is balanced out by an increase in demand will dictate the pace of average rent growth over the next 12 months," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.


Rental Market Summary Tables: Fourth Quarter 2013
Apartments
                           All Bedroom
                              Types           Bachelor        One-Bedroom
                          Listed  Leased   LeasedAvg. Rent   LeasedAvg. Rent
                        ---------------- ----------------- -----------------

Q4 2013                   9,356   4,305      110 $  1,288    2,495 $  1,600
Q4 2012                   7,139   3,644       81 $  1,359    1,981 $  1,626
Yr./Yr. % Chg.             31.1%   18.1%    35.8%    -5.3%    25.9%    -1.6%
Source: Toronto Real Estate Board

Townhouses
                          All Bedroom
                             Types           Bachelor         One-Bedroom
                                                     Avg.              Avg.
                         Listed  Leased   Leased     Rent   Leased     Rent
                        ---------------- ----------------- -----------------

Q4 2013                     737     285        2 $  1,125       19 $  1,489
Q4 2012                     642     254        2 $    975       33 $  1,338
Yr./Yr. % Chg.             14.8%   12.2%     0.0%    15.4%   -42.4%    11.3%
Source: Toronto Real Estate Board

Rental Market Summary Tables: Fourth Quarter 2013
Apartments
                            Two-Bedroom      Three-Bedroom
                           LeasedAvg. Rent   LeasedAvg. Rent
                         ----------------- -----------------

Q4 2013                    1,609 $  2,165       91 $  2,523
Q4 2012                    1,483 $  2,087       99 $  2,327
Yr./Yr. % Chg.               8.5%     3.7%    -8.1%     8.4%
Source: Toronto Real Estate Board

Townhouses
                            Two-Bedroom      Three-Bedroom
                                     Avg.              Avg.
                          Leased     Rent   Leased     Rent
                         ----------------- -----------------

Q4 2013                       97 $  1,840      167 $  1,946
Q4 2012                       77 $  1,881      142 $  1,880
Yr./Yr. % Chg.              26.0%    -2.2%    17.6%     3.5%
Source: Toronto Real Estate Board

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 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...