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Toronto West Real Estate – Rental market transactions up, Prices trending lower

October 5, 2009

Oakville, Mississauga, Toronto West 2009 Rental Transactions

Source: Toronto Real Estate Board 2009

During the latest reporting period, Toronto Real Estate Board members reported 5,673 leased transactions, up 32 % from the 4,286 recorded during the same time period in 2008.  However, while volume increased, average rents fell in most categories.  For example, one bedroom apartments rented for an average of $1,439 per month, down 4 % from the $1,494 recorded during same period last year. Two bedroom apartment units rented for an average of $1,873, down 1 % from the $1,885 recorded during the May to August 2008 period.

A steep increase in rental listings explains the year-to-year decline in rents, meaning greater availability fostered more competition between available listings.  At the end of August, 9,781 rental condominium listings appeared on the Toronto MLS system, a  51 % increase over the 6,482 listings available at the end of the May-August 2008  period.

The ratio of rental transactions to available properties is much lower than in 2008 meaning the choice of properties has increased causing average rents to moderate.  A key factor behind the increase in rental listings was the strong growth in condominium apartment completions in 2008, as reported by The Canada Mortgage and Housing Corporation.  Condominium apartment completions increased by 70 % in the Greater Toronto Area compared to 2007. Many of these will have been registered under condominium corporations and have now become available for rent.

Looking at numbers that affect Oakville and Mississauga, TREB’s West area had 1,094 condo apartment rentals in the last period.  Of these, 386 were one-bedroom units, which rented for an average of $1,304 per month; 650 were two-bedroom units, which rented for an average of $1,590 per month.  Average rents for one-bedroom apartments were down 3% from the $1,347/month recorded last year.  Two-bedroom average rents were just 1% from last year’s $1,603. The West area led all of the GTA in townhouse rentals, with 231 in total. Of these 162 were three-bedroom units, which rented for an average of $1,557 per month, down three per cent from last year.

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