Significant growth in Toronto’s average condo rental costs
Wednesday Nov 02nd, 2016
The real estate market in the GTA has not cooled significantly despite recent changes to mortgage rules. Part of the reason is that the investment and rental market in the Toronto Area is still fourishing.
In the latest report covering the third quarter of 2016, the Toronto Real Estate Board announced that average rental costs in the city’s condos have spiked upwards dramatically amid greater demand and a lack of supply.
“The annual rate of condominium apartment price growth has accelerated over the past year as the supply of units available for sale became more constrained while demand remained strong,” TREB market analysis director Jason Mercer wrote in the report, as quoted by blogTO.
“Average one-bedroom and two-bedroom condominium apartment rents were up substantially in the third quarter compared to 2015. The average one bedroom rent was up by 7.2 per cent to $1,777. The average two-bedroom rent was up by 7.9 per cent to $2,419,” the report added.
Overall, the average condo price by the end of September stands $415,643.
Meanwhile, the number of new listings dropped by 13.1 per cent, but sales volume rose by 22.1 per cent.
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