Condo Rental Average Price last 1 Month
**Current Market Price will Vary Depending on Location, Age & Type of Building, Room Size, # of Available Inventory, and etc.
WITHOUT PARKING SPACE
|1 Bedroom + Den||$2050|
|2 Bedroom + Den||$3300|
WITH PARKING SPACE
|1 Bedroom + Den||$2200|
|2 Bedroom + Den||$3500|
RENTAL MARKET REPORT - FIRST QUARTER 2017
Tight Rental Market Conditions Continue in Q1, 2017
TORONTO, ONTARIO, April 25, 2017 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 6,680 condominium apartment lease transactions through TREB’s MLS® System during the first quarter of 2017.
This result was up by 3.5 per cent compared to the first quarter of 2016. The number of condominium apartments listed for rent at some point during the first quarter was up on a year-over-year basis, but by less than one per cent. “As the population and, by extension, number of households continues to grow in the Greater Toronto Area, the demand for housing increases. Some of this demand is pointed at the rental market, including condominium apartments that owners have chosen to rent out to tenants. The problem is that the supply of units available for rent has not kept up with demand, leading to more competition between renters and strong upward pressure on average rents,” said Mr. Cerqua.
The average one-bedroom condominium apartment rent for the TREB market area as a whole was up by 7.8 per cent to $1,791. The average two-bedroom rent was up by 6.8 per cent to $2,432. “It is important to remember that the rental market meets the housing needs for a substantial number of GTA residents, including newcomers to Canada who choose to settle in the region.
As a result, the rental market often falls under the public policy lens. Policies pointed at the rental market should be based on solid empirical evidence and should not hamper the supply of rental listings, which has been the main issue impacting renters over the last year,” said Jason Mercer, TREB’s Director of Market Analysis.
Current Toronto Condo Rental Market Trends/Status
The status of the condo rental for Toronto 2017 summer is becoming very competitive and aggressive. Just like the past years, we see an abundance of renters between the summer and fall market compared to the limited availability of supply of condo units.
Most of the renters are students coming from overseas but due to the cooling of resale housing market and more immigrants deciding to take residence in Toronto, the units don’t last very long on the Market. As Realtors, we’ve been seeing a trend of condo units leasing out in less than 1-3 days on the market. Some units don’t last 24 hours and some renters decide to put an offer to an unit without seeing the unit due to the competitive market and them being time sensitive.
As renters, if you have decided on a move-in/move-out date and need to find a new place to stay, we advise you to start looking active immediately and have all necessary documents(Letter of Employment and Equifax Credit Score) ready to put an offer. If you are new to the country or are missing some documents, please contact us and let us know. We will try to find other ways to find you a new place. There are never bad questions so if you need help, please give us a call.
DO YOU HAVE A QUESTION?
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Phone: (647) 237-1116