Rental housing stats were released this week by The Toronto Real Estate Board and the demand for condo apartments remained strong compared to the number of units available for rent. In the first half of this year there were 8,497 condo apartments leased in the GTA. The average one-bedroom condo apartment rent increased by 10.4% on a year-over-year basis to $2,055. The average two bedroom condo apartment rent increased by 8 .8% to $2,755. Current market conditions point to the fact that renters have little choice when it comes to finding a place to live and as a result competition between renters continues to sustain near double-digit annual average rent increases.
Last week the freehold market recorded a solid 11% increase in new listings, but overall sales were up by a whooping 88%! Buyers were back after the long weekend as reported with busy open houses still happening. The majority of the sales are still happening in the east end with 65% of homes selling at or above the list price.
The condo sector was not as brisk as the freehold market last week, as new listings were down 3%, but sales were still up 33% . It is worth reporting that the indicator of the condo market health has to be the percentage of suites still selling at or above the list price. Last week that percentage was still at a staggering 51%. A condo listed out of our office last week for $399,000, saw 17 offers on offer night.The demand is still strong and the buyers are out there!