Toronto rental market tightens

Greater Toronto Realtors reported 6,933 apartment lease transactions through the MLS system in May through August, representing an 11% increase from the same period in 2010. Listings were also up 4% in that time, from 9,916 to 10,313. And the percentage of listings leased also jumped, from 62% in 2010 to 67% this year.

Many of the offerings are condo conversions turned into rentals by investors, according the TREB report

“Condominium apartments represent a very important component of the rental housing stock in the GTA,” said TREB President Richard Silver. “We have seen very little purpose-built rental apartment construction over the past few years.”

Some of the highest one-bedroom apartment rents were in Vaughan, with an average of $1,424 and within the city at $1,565. The TREB average lease rate for one-bedroom apartments is $1,532.

While the Halton region has the largest share of rental apartments in Toronto at 20.5% of the total, it’s one-bedroom rents were below the average at $1,325. Halton also had the highest vacancy rate in 2010, according to the Canada Mortgage and Housing Corporation’s Rental Market Survey, at 2.1% compared to less than 1% in other areas such as Peel (0.2%), Toronto (0.4%) and York (0.8%).

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