February 3, 2009
Toronto Rentals Increasing
During the latest reporting period (September 1, 2008 to December 31, 2008), Toronto Real Estate Board Members reported 3,433 rented condominium apartments and townhouses in the Greater Toronto Area. This represented an increase of 30 per cent over the 2,635 transactions recorded during the same time frame in 2007. A good part of this increase likely came from rental listings
in newly completed condominium apartment buildings containing investor-owned units. According to the Canada Mortgage and Housing Corporation, condominium apartment completions were up by 70 percent in the GTA last year. In the City Of Toronto, completions increased by 136 percent.
Average condominium apartment rents, on an annual basis, rose for one, two, and three bedroom types during the September to December period. Average two bedroom units, for example, rose two per cent to $1,895 per month. Annual average rent increases were noted for one-bedroom townhouses.