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The Toronto Real Estate Board (TREB) has released its condominium resale and apartment rental market report covering the fourth quarter of 2014, and the figures point to continued strength in both markets. Apartment rental transactions during the fourth quarter of 2014 saw a notable increase though the TorontoMLS system, climbing to to 5,036. This is a sizeable 17 per cent jump when compared with the fourth quarter of 2013. The number of condominium apartments listed on TorontoMLS also rose during this period, though by a smaller annual rate.
TREB President, Paul Etherington stated "We have seen record condominium apartment completions over the last two years. Many of these new apartments are owned by investors who have chosen to rent them out. The increased supply of rental condos has been met by increased demand for these units, as renter households turn to the condominium apartment segment to find modern units in popular neighbourhoods. Increased rental demand has resulted from steady population growth in the Greater Toronto Area, as newcomers have been attracted to the region by its economic and ethno-cultural diversity."
The average rent for one-bedroom and two-bedroom apartment units remained relatively flat in the fourth quarter compared with the same period in 2013, with the average one-bedroom rent up by $10 year-over-year to $1609 and the average two-bedroom rent remaining on par with 2013 figures. "Average rents can be influenced by both changes in market conditions and changes in the type and geography of apartments rented from one period to the next. Over the next few months, if we continue to see the growth in rental transactions outstrip the growth in units listed for rent, we will likely see a new upward trend in average rents," said Jason Mercer, TREB's Director of Market Analysis.
Q4 2014 condominium resale figures show continued strength in that market. A total of 4,975 condominium apartment sales were reported through the TorontoMLS system during the fourth quarter of 2014, an 8.3 per cent spike compared to the fourth quarter of 2013. "Demand for condominium apartments remained strong in the fourth quarter of 2014. While the supply of condominium apartments listed for sale grew in the fourth quarter, including a large number of newly completed units, the number of sales grew at a faster pace. Competition between buyers increased in the condo market over the past year," said Paul Etherington.
The average TorontoMLS selling price for a condominium apartment was up slightly in the fourth quarter of 2014, rising to $367,199 - an 3.8 per cent increase over the average of $353,799 reported for Q4 2013. "Despite very strong condominium apartment completions over the last two years, we have not experienced a glut in inventory. The number of buyers has more than kept up with the number of units available for sale. This is why we continued to experience above-inflation average price growth in the condo segment," said Jason Mercer, TREB's Director of Market Analysis.
