Tag Archives: Rentals

Toronto Real Estate Board Update: Rental Transactions, Rental Rates Both Increase

Both leased transactions through the TorontoMLS system and monthly rents achieved in these transactions climbed in the second four-month period of 2008. Total units rented came to 4,297 (apartments and townhouses), up 12 per cent over the same timeframe in 2007. Meanwhile, benchmark two-bedroom apartments rented for $1,885 per month, up one per cent over the $1,860 per month recorded in the corresponding period of 2007, and in fact, rental prices in all categories rose.

The most active districts for rentals within the GTAfor apartment rentals remained in the downtown core (C01,which had 1,130 rental transactions), North York (C14, with 500 rentals), and Cooksville (W15, with 402 rentals). With townhouses, the most active districts were within Mississauga (W19 and W20, with 33 and 49 rentals respectively), and North York (C14, with 26 rentals).

As noted previously, rents in all categories of leased property increased during the May to August period. For example, bachelor apartments increased to $1,216 per month, from the $1,167 per month recorded in the middle portion of 2007, a four per cent rise. Three-bedroom townhouses saw a significant increase, up seven per cent to $1,780 per month from last year’s $1,661 figure.

Central Area

  • Most condo apartment leases took place in TREB’s Central area. Of the 2,437 total units rented, 1,397 were onebedroom units averaging $1,568 per month, and another 865 were two-bedroom units that rented for $2,155 per month.
  • The 2,437 figure is up nine per cent from the May to August period of 2007, when 2,244 apartment rentals took place. Since no new buildings that are dominated by rental units seem to have gone up, the increase seems largely due to heightened activity.
  • In TREB’s Central area there were 89 condominiumtownhouse rentals, with the greatest amount of activity taking place in North York Centre (C14), which had 26 units leased. Most townhouse rentals in the Central area (39) were threebedroon units that rented for an average of $2,664 per month.

Source:  TREB (Toronto Real Estate Board)

ALSO SEE

Toronto Real Estate Rentals Guide:  How to Successfully Lease a Condo.

Rental Evaluation

How to Successfully Lease a Condo Apartment In Toronto.

Are you looking to lease a condo in Toronto?  Quality apartments do not last long, You need to be prepared with the following items to improve your chances being accepted as a tenant.  You should have these ready before even looking at condos.

  • Letter of Employment – You need to get a letter of employment from your employer.  The letter should state how long you have worked there and your current salary.
  • Credit Report. – You will need to have a recent credit report.  You can get it instantly on-line via www.equifax.ca or via www.transunion.ca.  You want the full report and credit score.
  • Rental Application – You will need to fill in the rental application form.  The rental application is a standard OREA (Ontario Real Estate Association) form.  I can email you a .pdf file that allows you to type on it or I can give you a copy when we meet for the first time for a showing.

After you are accepted as a tenant, you will need to do the following:

  • Provide a certified cheque or bank draft for the first and last month deposit, this has to be done the next business day.
  • Provide a key deposit (not a set amount, each lease will have its own amount)
  • Get a standard tenant insurance package.
  • For your convenience you should also be prepared with 10 postdated cheques for the first year of the lease.

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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