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GTA REALTORS(R) Release Q1 Rental Market Report

(April 18, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 04/18/12 -- Greater Toronto REALTORS?? reported 3,804 leased condominium apartment transactions in the first quarter of 2012, up 11 per cent from the 3,442 units rented during the first three months of 2011. The number of condominium apartments listed for rent on the TorontoMLS system during the first quarter was also up, but by a lesser four per cent to 7,096 units.

"There have been very few purpose-built rental buildings completed in the GTA over the past few years. This means that households looking to rent an apartment with modern finishes and amenities have been focusing on condominium apartments rented out by investor owners," said Toronto Real Estate Board President Richard Silver.

"Condominium apartment vacancy rates, as reported by CMHC, were down in 2011 and it looks as if this trend is continuing with growth in lease transactions outstripping growth in listings," continued Silver.

Average one-bedroom and two-bedroom condominium apartment rents increased at annual rates above inflation, at four and seven per cent respectively.

"Tighter rental market conditions played a key role in the strong annual average rent increases. However, a lot of condominium apartment projects were completed over the last year. Some owners chose to list their units for rent. Newly completed units benefitting from the latest trends in finishes and amenities could have arguably commanded higher rents compared to older units. This factor likely played a role in strong year-over-year average rent increases as well," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Rental Market Summary: First Quarter 2012

Apartments(1,2,3) All Bedroom Bachelor One-Bedroom Two-Bedroom Three-Bedroom Types Listed Leased Leased Avg. Leased Avg. Leased Avg. Leased Avg. Rent Rent Rent Rent --------------------------------------------------------------------- Q1 2012 7,096 3,804 96 $1,306 2,111 $1,538 1,522 $2,089 75 $2,079 Q1 2011 6,829 3,442 76 $1,220 1,839 $1,484 1,445 $1,957 82 $2,442 Yr./Yr. % Chg. 4% 11% 26% 7% 15% 4% 5% 7% -9% -15% Townhouses(1,2,3) All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom Avg. Avg. Avg. Avg. Listed Leased Leased Rent Leased Rent Leased Rent Leased Rent --------------------------------------------------------------------- Q1 2012 603 276 3 $1,263 34 $1,403 73 $1,696 166 $1,933 Q1 2011 556 206 0 - 20 $1,374 49 $1,647 137 $1,830 Yr./Yr. % Chg. 8% 34% - - 70% 2% 49% 3% 21% 6% (1)Refers to the total number of rental units that were available during the reporting period. (2)Refers to firm lease transactions entered in the TorontoMLS system between the first and last day of the reporting period. (3)Refers to the average lease rate for firm lease transactions entered in the TorontoMLS system between the first and last day of the reporting period.

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 34,000 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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