2011 Q1: strong rental market in the GTA

While many investors and would-be homeowners debate the merits of buying in these current market conditions, many current landlords in the Greater Toronto Area were pleasantly surprised by the year’s first quarter rental activity.

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In the first quarter of 2011, rental transactions were up 18% in the Greater Toronto Area compared to transactions in the first quarter (from January to April) in 2010.

There were also 10% more rental units listed on the multiple listing service (MLS) – for a total of 9,374 units in the first quarter of 2011. This increase in listings is attributed to the high level of condominium apartment completions over the last year. Still, despite greater supply, rental market conditions tightened over the last year.

On average prices for rentals also rose:

  • one bedroom apartments rented for an average of $1,485 per month, a 1.5% increase year-over year
  • two bedroom apartments rented for an average of $1,958 per month, a 2.5% increase compared to the first quarter of 2010

North Area
In the northern part of the GTA the majority of rentals were condominium apartments consisting of one or two bedrooms. One bedroom unites went for an average of $1,336 per month (an increase of 1.1% from 2010). The two-bedroom apartment units rented for an average of $1,708 per month (an increase of 0.6% in compared to 2010).

Central Area
Activity in centre GTA showed more than 3,000 lease transactions in the first quarter of 2011. One bedroom units went for $1,547 per month (an increase of 1.2% from the pervious year). Two-bedroom apartment units leased for $2,188 per month, representing an increase of 1.9% from 2010.

East Area
In the eastern district of the GTA, were only 129 one bedroom leases and 128 two bedroom leases. The one bedrooms leased for an average of $1,253 per month (an increase of 1.4% from 2010). Two-bedroom apartments rented for $1,455 on average — a decrease of 1.0% from the previous year.

West Area
The GTA’s west district reported 974 apartments rented during the first four months of 2011. One bedroom apartments rented for an average of $1,351 per month (an increase of 3.9% from 2010). Two bedroom apartment leased for an average of $1,648 per month, an increase of 7.2% from the previous year.

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