Leased Condominium Apartment Transactions Up 38%

In the first four months of 2009, TREB members reported 3,945 leased condominium apartments, representing a 38% increase over the 2,854 units leased during the same period in 208. Almost 93 per cent of all residential rental transactions on the MLS® involved condominium apartments.

With the exception of three-bedroom units, average condominium apartment rents declined. The average rent for the benchmark two-bedroom apartment fell two per cent from $1,852 to $1,813.

While the number of rental condominium apartment transactions increased by almost 40 per cent, the number of listings increased by over 60 per cent. Renters experienced more choice and thus more negotiating power with regard to rents.

Much of the increase in rental listings can be attributed to a strong increase in the number of condominium apartment completions at the end of 2008. According to the Canada Mortgage and Housing Corporation, fourth quarter 2008 condominium apartment completions increased by 96 per cent year-over-year in the GTA. Most of these completions took place in TREB’s central districts. Many completed apartment buildings registered as condominium corporations in the first four months of 2009, resulting in an increased number of investor-held units entering the rental market.

Central Area

• In TREB’s Central districts, Members reported rental transactions for 1,496 one-bedroom and 903 twobedroom condominium apartment units, which leased for an average of $1,478 and $2,043 per month respectively. The average one-bedroom apartment rent was down two per cent compared to the same period last year. The average two-bedroom rent was down four
per cent.

• There were only 61 townhouses rented in the central districts, of which 19 were three-bedroom units. The average rent for these three-bedroom transactions was $2,045 per month.

GTA May Resale Housing Sales Higher Than Last Year

In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,3001.“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”