RENT OR SELL YOUR CONDO IN TODAY'S MARKET
Wednesday Apr 11th, 2018Share
Toronto Real Estate Board President Tim Syrianos announced that average rents for one-bedroom and two-bedroom condominium apartment rents were up very strongly on a year-over-year basis in the fourth quarter of 2017, based on transactions reported by Greater Toronto REALTORS® through TREB’s MLS® System.
The average rent for one-bedroom condominium apartments in the TREB market area was up by 10.9 per cent on an annual basis to $1,970 in Q4 2017. The average two-bedroom condominium apartment rent was up by 8.8 per cent over the same period to $2,627.
“As the population in the GTA continues to grow, so too does the demand for rental accommodation. The problem is that rental supply has not kept up with the increase in demand in recent years. The result has been low vacancy rates and intense competition between renters for available units. This competition has underpinned very strong growth in average rents,” said Mr. Syrianos.
Going further, it is possible that current owners of condominium apartments could choose to list their units for sale to take advantage of recent price gains rather than rent their units to tenants under the new rent control regime,” said Jason Mercer, TREB’s Director of Market Analysis.
Not sure if you want to rent out your condo or sell? Contact us and we will guide you in the right direction!