Toronto, July 18, 2012 — Greater Toronto REALTORS® reported 4,771 leased
condominium apartments through the TorontoMLS system in the second
quarter of 2012, representing a three per cent increase over the second
quarter of 2011. The number of apartments listed for rent in the second
quarter grew at a faster pace compared to rental transactions – up 15 per cent
“Strong condominium apartment completions over the past year resulted in
many investor?held units being listed for rent in the second quarter. While
prospective renters did benefit from more choice compared to last year,
market conditions remained tight enough to prompt annual average rent
increases above the rate of inflation,” said Toronto Real Estate Board President
(TREB) Ann Hannah.
The average two bedroom apartment rent in the second quarter was $2,088.
This represented an increase of four per cent in comparison to the same period
“There have not been a lot of rental buildings completed over the past few
years. Investor?held condominium apartments have filled a void for renters
looking for units with modern finishes and amenities located in popular
neighbourhoods. With this in mind, it is not surprising that the vacancy rate for
condo apartments has been low and average rents have been increasing at a
healthy pace,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.