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GTA condo rentals see dramatic growth in the second quarter of 2014

Posted in Broker Listings GTA, Housing, Industry Trends, Newsworthy

GTA condo rentals see dramatic growth in the second quarter of 2014

Though the tight low-rise market in Toronto often steals headlines for its price and sales growth, the condo market performed quite well in the second quarter of 2014 with a double digit boost in sales of existing suites. The Toronto Real Estate Board is reporting 6,553 sales in the GTA last quarter, a 10.4 per cent surge compared to the same period last year.

Toronto-proper accounted for 71 per cent of all condo sales in the region. The city counted 4,638 sales in total, a 9.3 per cent increase in sales over 2013. All of the other municipalities also saw a bump in sales, year over-year.

But how many condos are on the market? According to the report, there were 7,286, a 1.5 per cent uptick over the same time in 2013. New listings for the second quarter rose 4.4 per cent year-over-year to 13,742.

As for the condo rental market, TREB reported 7,342 rental transactions in Q2, a dramatic 25.7 per cent jump over 2013. The number of units listed also saw a substantial increase with a 22.2 per cent jump to 12,510.

However, average rents for one- and two-bedroom unit dipped slightly from 2013. The average one-bedroom rent was $1,583, a 1.7 per cent decrease from the year before. The average two-bedroom rent measured  a 1.5 per cent drop to $2,142.

For more details, check out the table below:

condo-rentals-q2-2014

Story by: Monika Warzecha