The January numbers are in and we're off to 13% fewer sales in the GTA. 4337 in 2011 from 4986 in 2010. The good news is that average prices have risen 4% from $409K to $427K. According to Jason Mercer, TREB's senior manager of marketing analysis... “The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective.”
Rental Market - There was a 27% increase in the "rental market" transactions from Sept 2010 to Jan 2010 compared to the same period of time in 2009. At the same time there was a 22% increase in listings. Many of these units are condo units bought buy investors who decided to lease instead of selling. When you take a look at the rental rates in the Central, North, East and West district you see that the average rent either increased marginally or decreased by 1% in the 1BR and 2BR units. Here are the numbers for the East & North Area.
East Area• There were 107 one-bedroom apartments and 146 two bedroom apartments rented in TREB’s East Districts. The average rent for one-bedroom
apartments was $1,242 per month, down one per cent from the $1,259 per month recorded for the same period last year. The average rent for two- bedroom apartments was $1,505 per month – up marginally from last year’s figure of $1,501 per month.
North Area
• There were 195 one-bedroom apartments leased in TREB’s North districts for an average rent of $1,346 per month - up two per cent from last year’s average of $1,318 per month. There were 198 two- bedroom apartments rented for an average of $1,721 per month - up one per cent from the average of $1,703 per month recorded during the last four months of 2009.
The Toronto Condo Real Estate
www.TheTorontoCondoRealEstate.com
Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629 O: 950-471-0002 F: 905-471-7441
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© Jas Jagpal, 2011
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