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)

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