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The Toronto Real Estate Board (TREB) has released their market report for the first quarter of 2015, showing a continued demand for condominium housing, and a rapidly growing rental market. Condominium rentals in the Greater Toronto Area rose sharply on a year-over-year basis in the first quarter of 2015, with the total number of rentals jumping 20.9%, to 6,074. A similar increase was noted in the number of units listed during the first quarter, with the number climbing to 13,409. Two thirds of the rental transactions during this period occurred within TREB's central districts within the City of Toronto. A majority of the rental transactions recorded during this period were for one-bedroom and two-bedroom units. On average, one-bedroom rents rose by 0.8 per cent year-over-year to $1,585, while the average two-bedroom rent increased by 1.1 per cent year-over-year to $2,180.
"There are many renter households in the GTA and this number continues to increase as our population grows each year. As a result, demand has been strong, keeping vacancy rates low", said TREB President Paul Etherington. "This is why, even as more investor-held units became available for rent over the past year, many of these units were absorbed in short order. Condo apartments appeal to renters looking to take advantage of new, modern apartments located in popular locations in the City of Toronto and surrounding regions," Mr. Etherington continued.
Though the resurgence in rental housing has been a major newsmaker as of late, condominium sales are still an important factor in the housing market's strength. TREB reported 4,940 condo sales during the first fiscal quarter of 2015, marking an 11.1 per cent increase compared to 4,447 sales reported in Q1 2014. There was a 6.2% year-over-year increase in new listings during 2015's first quarter, and despite an increase in sales, the amount of active listings remained the same as Q1 2014.
During Q1 2015, the average selling price for condo apartments increased by 3.6 per cent year-over-year to $363,973, while the MLS(R) Home Price Index (HPI) benchmark for apartments saw a similar increase. "The condo apartment price growth we experienced in the first quarter is indicative of a healthy marketplace where there is enough demand relative to the supply of listings to see moderate year-over-year price growth. In other words, we are very much experiencing balanced market conditions as it relates to condos," said Jason Mercer, TREB's Director of Market Analysis.
