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NEWS RELEASE |
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April 15, 2014 -- Toronto Real Estate Board President Dianne Usher
announced that strong growth in rental transactions and rental listings was
reported by Greater Toronto REALTORS® during the first quarter of 2014. For condominium apartments in
particular, total rental transactions were up by 17.8 per cent compared to the
first quarter of 2013. The total
number of units listed was up by an even greater 27.7 per cent.
“Renters
took advantage of an increased supply of investor-owned units listed for rent
in the first quarter. These units,
with modern finishes, choice amenities and locations in popular neighbourhoods
attracted a growing number of renter households, including young professionals
moving close to work in downtown Toronto and new comers to Canada who initially
chose to rent,” said Ms. Usher.
Rental Market Summary: First Quarter 2014 | ||||||||||||||
Apartments | ||||||||||||||
All Bedroom Types | Bachelor | One-Bedroom | Two-Bedroom | Three-Bedroom | ||||||||||
Listed | Leased | Leased | Avg. Rent | Leased | Avg. Rent | Leased | Avg. Rent | Leased | Avg. Rent | |||||
Q1 2014 | 11,208 | 5,033 | 113 | $1,346 | 3,002 | $1,573 | 1,807 | $2,155 | 111 | $2,746 | ||||
Q1 2013 | 8,780 | 4,273 | 97 | $1,308 | 2,379 | $1,597 | 1,698 | $2,115 | 99 | $2,748 | ||||
Yr./Yr. % Chg. | 27.7% | 17.8% | 16.5% | 3.0% | 26.2% | -1.6% | 6.4% | 1.9% | 12.1% | -0.1% | ||||
Townhouses | ||||||||||||||
All Bedroom Types | Bachelor | One-Bedroom | Two-Bedroom | Three-Bedroom | ||||||||||
Listed | Leased | Leased | Avg. Rent | Leased | Avg. Rent | Leased | Avg. Rent | Leased | Avg. Rent | |||||
Q1 2014 | 760 | 326 | 2 | $1,150 | 33 | $1,490 | 107 | $1,904 | 184 | $1,949 | ||||
Q1 2013 | 694 | 284 | 3 | $1,417 | 26 | $1,509 | 94 | $1,889 | 161 | $2,002 | ||||
Yr./Yr. % Chg. | 9.5% | 14.8% | -33.3% | -18.8% | 26.9% | -1.3% | 13.8% | 0.8% | 14.3% | -2.7% | ||||