Better Supplied Rental Market in Q2

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

year‐over‐year.

“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

in 2011.

“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

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Rudy Reznik

Rudy Reznik

Sales Representative
CENTURY 21 Atria Realty Inc., Brokerage*
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