MLS Rental Activity Continues to Increase

Toronto Real Estate Board Update:
May 2008

In the first four months of 2008, leased condominium
activity transacted through the TorontoMLS system
increased nine per cent to 3,075 townhouse/apartment units.

Rents trended upward during this period, increasing in all
categories except three bedroom apartment units. Benchmark
two-bedroom apartments rose four per cent to $1,852 per
month, and one bedroom apartments rose the same amount to
$1,445 per month.

TREB's Central area saw the most leased transactions in
the first four months of 2008 with 1,794. About half of these
(870) took place in C01.

The overall Central figure was up six per cent compared
to the same timeframe in 2007, which saw 1,690 transactions,
with the entire increase being real and not the result of rental
units becoming available in new buildings.

Central Area
• The majority of apartment transactions in the Central area
were of one (1,026 leases) and two (620 leases) bedroom
units, which rented for an average of $1,514 and $2,135
respectively. One-bedroom units were up five per cent
and two bedrooms were up six per cent from a year ago.


East Area
• Leased apartment transactions in TREB's East area
numbered 238, up seven per cent over the January to April
2007 period. The majority (128) were two-bedroom units
that rented for an average of $1,430 per month, up three per
cent from last year.
There were also 91 one-bedroom units leased; these
averaged $1,213 per month.


North Area
• The North area saw expanded activity in the January to
April period, with 289 leased apartment transactions. This
is up 46 per cent over the same reporting period last year,
largely due to the completion of several new buildings in
the Warden/Highway 7 area.

• Most leased units in the North area were one and two bedroom
units. One-bedrooms rented for $1,271; twobedrooms
rented for $1,642. Both categories were up two
per cent over the January to April reporting period
in 2007.

West Area
• The West Area remained, after TREB's Central districts, the
most active part of the GTAfor rental transactions. A total
of 587 apartments were leased, up 11 per cent over the first
part of last year.

• Most rental apartments in the West were one and two
bedroom units. One bedrooms rented for an average of
$1,310 per month, up four per cent from last year.
Two bedrooms rented for $1,610 per month, up three percent.