Toronto rental market in the summer 2009
Up to May 2009 it was reported 3945 condominium apartments were leased, an increase of 30% over the same time in 2008. Over 90% of Toronto rental transactions involved condo apartments. On average the price to rent condos in Toronto fell 2% except the three bedroom units.
At the same time the amount of rental transactions increased by almsot 40% and the number of listings by roughly 60%. Families looking to rent in Toronto have more choice on what to rent and can get better prices at the moment. This is definately good news for those who rent.
Most of the increase in the numbers comes from newly build condominiums in Toronto completed at the end of 2008. The number of condominium buildings finished in the last quarter of 2008 increased by 96% compared to 2007. Many of them registered as corporations in the beginning of 2009, leading to more investor owned units entering the Toronto rental market, causing the prices for rental units to drop.