Condo Market Update by Urbanation Inc.
Wednesday Mar 08th, 2017Share
Condo Market Update - TORONTO – January 12, 2015: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, released its fourth quarter and annual rental market results for 2014 today……..The number of condo apartments rented through the MLS system during 2014 in the Greater Toronto Area managed to top 2013’s breakout year by growing 15% to 22,765 units.
For the year as a whole, condo rents appreciated by an average of 0.8%, a marked deceleration from the 4.1% rate of growth recorded in 2013 and the 3.7% increase in 2012. The absolute average monthly rent continued its downward trend on account of shrinking unit sizes, declining by 0.7% annually in the fourth quarter to $1,816 — the fifth consecutive quarter of year-over-year declines. Over the past year, the average size of units rented has fallen by 1.5%, or 12 sf to an average of 761 sf in Q4-2014.
“The condo rental market grew into its shoes in 2014. Demand proved strong enough to absorb the market’s greatest amount of new supply in history, while also revealing an equilibrium for rent levels. The rental market’s proven stability and consistent growth is encouraging as we remain in a scenario of high condo completions over the next couple years,” said Shaun Hildebrand, Urbanation’s Senior Vice President.