Rental Market Tightens in May to August Period

Greater Toronto REALTORS® reported 6,933 apartment lease transactions through the TorontoMLS® system from May through August 2011 period. This represented an 11 per cent increase compared to the same period in 2010. The number of
units listed during the period was also up, but by a lesser rate of four per cent compared to 2010.
“Condominium apartments represent a very important component of the
rental housing stock in the GTA. We have seen very little purpose-built rental apartment construction over the past few years. This means that
people looking to rent an apartment with modern finishings and amenities have by and large turned to investor-held condominium apartments to meet their housing needs,” said Toronto Real Estate Board President Richard Silver.

Average condominium apartment rents increased for all bedroom types. Average rents for one-bedroom and two-bedroom apartments during the May through August period were up by four and five per cent respectively compared to 2010.

“Growth in apartment rental transactions outstripped growth in the number of units listed. This means that competition between prospective renters increased. The result was higher average rents in comparison to last year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.



Click here for May - August 2011 Full Report







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REAL ESTATE SNATCH is the independent real estate blog of Samir Safadi, Sales Representative of West-100 Metro View Realty Ltd, brokerage it is dedicated to covering Real Estate News, digital culture, social media and technology, providing analysis of trends, Market Data , reviewing new development. Offering Real Estate services resources and guides. Services are provided to prospective buyers and sellers of real estate by Samir Safadi, Sales Representative, West-100 Metro View Realty Ltd, brokerage, duly registered in the province of Ontario, under Real Estate and Business Brokers Act, 2002 (REBBA 2002) and Member in good standing with



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