Greater Toronto Area Rental Transactions and Average Rents Up in Q3

GTA REALTORS® reported 6,541 condominium apartments rented through the TorontoMLS system in the third quarter of 2013.

Greater Toronto Area REALTORS® reported 6,541 condominium apartments rented through the TorontoMLS system in the third quarter of 2013. This result was up by 25 per cent in comparison to the third quarter of 2012. The number of condominium apartments listed for rent on the TorontoMLS system during the third quarter was up by 21 per cent year-over-year to 10,719.

Approximately 80 per cent of condominium apartment rental transactions took place in the City of Toronto. In addition, there was a substantial number of rentals reported in parts of Peel Region and York Region.

“Almost one-third of GTA households rent the home in which they live. Given that we have experienced sustained population growth in the region, it makes sense that rental transactions have been increasing as well. Investor-owned condominium apartments are popular because of the modern finishes and amenities offered by many of these properties,” said Toronto Real Estate Board President Dianne Usher.

Third quarter average rents were up for one-bedroom and two-bedroom condominium apartments by 1.8 per cent and 3.6 per cent respectively on an annual basis.

“Competition between renters for available units increased in the third quarter. This is why we continued to see year-over-year growth in average rents for the popular one-bedroom and two-bedroom unit types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.


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For Media/Public Inquiries:
Mary Gallagher, Senior Manager Media Relations.
Toronto Real Estate Board 1400 Don Mills Road Toronto,
ON M3B 3N1,
Office: (416) 443-8158,
 
 
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 36,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. 
 
READ FULL REPORT: Courtesy of (TREB)


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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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