Tag Archives: 2014

GREATER TORONTO REALTORS® REPORT Q1 RENTAL MARKET STATISTICS

TORONTO, April 15, 2014 – Toronto Real Estate Board President Dianne Usher announced that strong growth in rental transactions and rental listings was reported by Greater Toronto REALTORS® during the first quarter of 2014. For condominium apartments in particular, total rental transactions were up by 17.8 per cent compared to the first quarter of 2013. The total number of units listed was up by an even greater 27.7 per cent.

“Renters took advantage of an increased supply of investor-owned units listed for rent in the first quarter. These units, with modern finishes, choice amenities and locations in popular neighbourhoods attracted a growing number of renter households, including young professionals moving close to work in downtown Toronto and new comers to Canada who initially chose to rent,” said Ms. Usher.

One-bedroom units accounted for approximately 60 per cent of total condominium apartment rentals in Q1 2014. The average one-bedroom rent was down by 1.6 per cent to $1,573. Two-bedroom condominium apartments accounted for 36 per cent of transactions. The average two-bedroom rent was up by 1.9 per cent to $2,155.

“The condominium apartment rental market has become better supplied over the past 12 months as a number of new projects reached the completion stage. While rental demand has remained strong, and many investor-owned rental units have been absorbed, the increase in supply has given prospective renters more choice, so the pace of average rent growth has moderated,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

First-Quarter-Rental-Summary-2014-TREB

Source: Toronto Real Estate Board (TREB)

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GREATER TORONTO REALTORS® REPORT Q1 CONDOMINIUM MARKET STATISTICS

TORONTO, April 15, 2014 – Toronto Real Estate Board President Dianne Usher announced that “home buyers remained confident in purchasing condominium apartments during the first three months of 2014. This included first-time buyers and seasoned home owners looking to change their housing situation. Despite the condo market segment being well-supplied, strong sales growth translated into a robust increase in the average selling price.”

Greater Toronto Area REALTORS® reported 4,454 condominium apartments sold through the TorontoMLS system in Q1 2014 – up nine per cent compared to 4,085 sales reported in Q1 2013. The average selling price for Q1 2014 transactions was up by 5.6 per cent year-over-year to $351,213.  The City of Toronto accounted for 70 per cent of all condo apartment transactions, with 3,121 sales reported. The average selling price in the City was $376,226.

The supply of condo apartments listed for sale also edged up in the first three months of 2014. New listings reported during the quarter were up by 3.1 per cent year-over-year. Active listings at the end of the quarter were up by 1.8 per cent.

“The number of new condominium apartment completions was up substantially in 2014. Because of this, we could see stronger growth in listings in the second half of 2014 as some investors choose to list their units for sale. If this occurs, buyers would benefit from more choice in the marketplace and thus could have more negotiating power with regard to price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

First-Quarter-Condo-Stats-2014-TREB

 

Source: Toronto Real Estate Board (TREB)

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