Rental Transactions Increase
The Toronto Real Estate Board reported from September until the end of 2010, 4,920 rental transactions for condominium apartments and townhouses, representing a 27 percent increase from the 3,859 transactions recorded during the same time period in 2009.
There were a total of 9,227 apartments and townhouses listed for rent during the reporting period, representing a 22 per cent increase compared to the last four months of 2009.
There was substantial growth in condominium apartment completions in 2010, which explains the strong growth in the number listings that were available during the reporting period.
Many of the condominium apartments that were completed over the past year were owned by investors. Some of these investors chose to list their units for rent.
While the number of units listed for rent increased strongly on the Toronto MLS system, it is important to note that the number of rental transactions actually increased at a greater rate.
The number of households signing lease agreements in the last four months of 2010 more than accounted for the increase in supply.
Provided by the Toronto Real Estate Board