TORONTO – February 21, 2014
Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, released its Q4-2013 rental market results today.
Condo apartment rental transactions in the Toronto CMA continued their torrid pace in the fourth quarter, rising 22% from a year ago to 4,004 units and capping off a record-breaking year in 2013 that saw a total of 19,689 units rented through the MLS system, compared to 15,698 condo apartments resold.
The market continued along its path towards more balanced conditions as growth in total listings (23% year-over-year) slightly outpaced growth in transactions for the third consecutive quarter. While still considered a ‘landlord’s market’, rental appreciation slowed to 3.5% annually in the fourth quarter, ending the year at an average rate of $2.37 per square foot.
“Rental demand in 2013 was strong enough to absorb the greatest ever inflow of condo rentals into the market. The response to the new supply and movement of people into the core has been incredible and bodes well for the market outlook as condo completions remain high over the next few years ” said Shaun Hildebrand, Urbanation’s Senior Vice President.”
Of the 16,755 condominium units completed and registered in 2013, over 4,000 (24%) were rented through the MLS system at an average of $2.58 psf. New units have helped to contain growth in monthly rents, which declined by 0.4% from a year ago to an average of $1,829. The offsetting factor was reduced unit sizes — the average size of a unit rented during the quarter was 773 sf, 30 sf less than a year earlier. Units registered in 2013 that rented during Q4-2013 were an average of 682 sf.
Urbanation is Canada’s leading condominium market research company. Since 1981, Urbanation has analyzed the Toronto condominium market, publishing the “industry bible” – Urbanation’s Condominium Market Survey. This quarterly report tracks new, resale and future condominium projects. The newest report from Urbanation is UrbanRental, which tracks activity in the condominium rental market. Urbanation also provides the development community with essential consulting services, which include site and topic specific market studies and surveys.
www.urbanation.ca Media Contact: Shaun Hildebrand
www.urbanation.ca/UrbanRental 416 922 2200