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Toronto MLS Rentals Up
In the first four months of 2008, leased condominium activity transacted through the TorontoMLS system increased nine per cent to 3,075 townhouse/apartment units. Rents trended upward during this period, increasing in all categories except three bedroom apartment units. Benchmark two-bedroom apartments rose four per cent to $1,852 per month, and one bedroom apartments rose the same amount to $1,445 per month.
The Toronto Real Estate Board's Central area saw the most leased transactions in the first four months of 2008 with 1,794. About half of these (870) took place in C01.
The overall Central figure was up six per cent compared to the same timeframe in 2007, which saw 1,690 transactions, with the entire increase being real and not the result of rental units becoming available in new buildings.
The West area proved to be TREB's second most active with 694 units leased during the first four months of 2008. Once again, the largest portion of condo-townhouse units were rented in the West area of the GTA. W20 (Meadowvale/ Streetsville) saw 42 transactions, the most recorded in any individual MLS District.
See the full Toronto real estate rental report »
May 29, 2008 in Toronto Real Estate Update | Permalink
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Comments
Hi:
My name is M. Khalid Sarwar and I am a civil servant of Government of Pakistan. We recently got landed immigration to Canada. We the entire family are planning to move to Canada during the last week of June 2008. On our arrival we want to initially settle in Toronto. Through web browsing we reached your website and found your town houses very attractive. We would like to avail a two bedroom town house for our family of four members- me, my wife and sons ages 13 and 20 years.
I have lived in Ottawa for about 7 years when I was serving there as a diplomat.
Kindly let me have your terms and conditions by return message.
Best regards,
Khalid
Posted by: M. Khalid Sarwar | Jun 10, 2008 8:56:04 AM
These statistics make sense given that it's considerably cheaper to rent in Toronto compared to buying. The problem is that as more people chose to rent, fewer people buy and this will put downward pressure on resale prices going forward. These things just take some time to play themselves out.
Posted by: Essgee | May 30, 2008 1:00:33 PM
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