Toronto panorama

GTA condo rentals reached record high in Q2

Tuesday, August 26, 2014

The number of GTA condo rentals transacted through the MLS system reached a record high of 6,708 units in Q2-2014, according to Urbanation.

“A surge of new supply from recently registered buildings kept rents in check during the quarter,” says Shaun Hildebrand, senior vice president at Urbanation. “Although listings are expected to remain strong as more units complete construction, rental demand shows no signs of abating, which should keep rents steady.”

Condominium listings also grew in the second quarter, to 9,069 units, setting another record. For the fifth consecutive quarter, listings outpaced growth in rental transactions.

Rents grew by less than one per cent, thanks to declining unit sizes and a variety of other factors. The average rent for new condominium units was $1,521 at an average unit size of 638 square feet.