Company News: Page (1) of 1 - 07/18/12 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook

GTA REALTORS(R) Release Q2 Rental Market Report

(July 18, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 07/18/12 -- Greater Toronto REALTORS reported 4,771 leased condominium apartments through the TorontoMLS system in the second quarter of 2012, representing a three per cent increase over the second quarter of 2011. The number of apartments listed for rent in the second quarter grew at a faster pace compared to rental transactions - up 15 per cent year-over-year.

"Strong condominium apartment completions over the past year resulted in many investor-held units being listed for rent in the second quarter. While prospective renters did benefit from more choice compared to last year, market conditions remained tight enough to prompt annual average rent increases above the rate of inflation," said Toronto Real Estate Board President (TREB) Ann Hannah.

The average two bedroom apartment rent in the second quarter was $2,088. This represented an increase of four per cent in comparison to the same period in 2011.

"There have not been a lot of rental buildings completed over the past few years. Investor-held condominium apartments have filled a void for renters looking for units with modern finishes and amenities located in popular neighbourhoods. With this in mind, it is not surprising that the vacancy rate for condo apartments has been low and average rents have been increasing at a healthy pace," said Jason Mercer, TREB's Senior Manager of Market Analysis.


Rental Market Summary Tables: Second Quarter 2012

Apartments All Bedroom Types Bachelor Avg. Listed Leased Leased Rent --------------------- --------------------- 2011 8,893 4,771 143 $ 1,285 2010 7,710 4,629 130 $ 1,246 Yr./Yr. % Chg. 15% 3% 10% 3% Townhouses All Bedroom Types Bachelor Avg. Listed Leased Leased Rent --------------------- --------------------- 2011 804 367 0 - 2010 604 318 2 $ 1,225 Yr./Yr. % Chg. 33% 15% - - Apartments One-Bedroom Two-Bedroom Three-Bedroom Avg. Avg. Avg. Leased Rent Leased Rent Leased Rent -------------------- -------------------- -------------------- 2011 2,552 $ 1,556 1,950 $ 2,088 126 $ 2,625 2010 2,480 $ 1,514 1,897 $ 2,016 122 $ 2,346 Yr./Yr. % Chg. 3% 3% 3% 4% 3% 12% Townhouses One-Bedroom Two-Bedroom Three-Bedroom Avg. Avg. Avg. Leased Rent Leased Rent Leased Rent -------------------- -------------------- -------------------- 2011 31 $ 1,416 110 $ 1,677 226 $ 1,911 2010 32 $ 1,432 103 $ 1,809 181 $ 1,814 Yr./Yr. % Chg. -3% -1% 7% -7% 25% 5%

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.

Get the latest real estate news & Market Watch information & summary videos

www.TorontoRealEstateBoard.com

Contacts:
Media Inquiries: Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
www.TorontoRealEstateBoard.com

www.twitter.com/TREBhome
www.facebook.com/TorontoRealEstateBoard
www.youtube.com/TREBChannel


Copyright @ Marketwire

Page: 1


Related Keywords: Toronto Real Estate Board , Marketwire,

HOT THREADS on DMN Forums
Content-type: text/html  Rss  Add to Google Reader or
Homepage    Add to My AOL  Add to Excite MIX  Subscribe in
NewsGator Online 
Real-Time - what users are saying - Right Now!

Our Privacy Policy --- @ Copyright, 2015 Digital Media Online, All Rights Reserved