During the period running from May 1st to August
31st, TorontoMLSฎ recorded the transaction of
3,588 rental condominium apartment/town-houses,
a 16 per cent increase over the 3,086 transactions recorded over
the same time period in 2005. Part of this increase is due to
confidence in the rental market among investors. In addition,
several condominium projects have been completed since last
year in which a large number of units are rentals.
Especially active areas for apartment rentals were the
downtown core (C01, with 919 units leased), North York (C14,
with 521 units leased), and Cooksville (W15, with 304 units
leased). The most active districts for town-house rentals were
W19 and W20, the Streetsville area of Mississauga,
which saw 33 and 30 transactions respectively.
Rents trended upward in most categories. The monthly rate for
benchmark two-bedroom apartments was $1,807, up three per
cent over the $1,750 per month figure observed during the May
to August period of 2005. Prices for two-bedrooms ranged
from $948 per month in E10 to $4,348 per month in C02.
Central Area
The majority of leased condo apartment transactions
usually take place within the Central area, and the past four
months were no exception. Of the 2,108 units rented during
this time, 1,179 were one-bedroom apartments that rented
for an average of $1,418 per month, and 802 were twobedrooms
that rented for an average of $2,028.
This 2,108 figure was up 10 per cent over the 1,908
apartment rentals recorded during the same time-period in
2005. In part the increase is due to the rental of units in
buildings currently under construction around Lakeshore
and Bathurst, and in new buildings at the South end of
Yonge St. In addition, TREB's Central Districts saw 74 condominium
town-house rentals, most of these leasing in the C01 (26)
and C15 (17) districts. Of these, 34 were two-bedroom
town-homes that averaged $1,810, and 31 were threebedroom
units that averaged $2,336 per month.
East Area
In TREB's East districts, 305 condominium apartments
were leased during the May to August reporting period, a
42 per cent increase over the same period in 2005. Part of
this increase is due to units in newly constructed buildings
near McCowan and the 401.
Rental rates in the East tended to be quite a bit lower than
in the Central Area. Two-bedroom apartments, for
example, leased for $1,484 per month, 27 per cent less
than their counterparts in the Central Area. At $1,150 per
month, one-bedrooms were 18 per cent less than their
downtown counterparts.
Rents trended higher in the East, with all types of
condominium apartment renting for more than their yearago
levels. Two-bedroom units rose eight per cent over the
$1,379 per month recorded during the period of May to
August 2005.
North Area
During the latest reporting period, there were 299 total
leased transactions in TREB's North Area, of which 242
were apartments, and 57 town-homes.
Two-bedroom units were the most common form of
apartment rental, with 130 transactions, and averaged
$1,624 per month. Rents rose in all categories. Twobedroom
unit prices, for example, were up one per
cent over the same time last year.
The vast majority (51) of town-home rentals in the North
Districts were three-bedrooms, which rented for an
average of $1,706 per month. This was up one per cent
over the 2005 price of $1,693 per month.
West Area
After the Central Districts, TREB's West Area is the most
active part of the GTAfor condominium rentals, with a
total of 768 apartments/townhouses leased during the last
reporting period. It is the most active area for townhouse
rentals, with 129 units leasing between May and August.
There were 379 two-bedroom apartments rented in the
West Area, for an average of $1,539 per month, a marginal
increase over the $1,535 per month recorded last year.
Rents increased for all types of apartments except for
three-bedroom suites, which fell one per cent to $1,717.
The most popular variety of town-home rental was
three-bedroom (107 leased), which rented for $1,488
per month.l
