The rental stats were released last week by the Toronto Real Estate Board and the demand for condo apartments still remains strong. For the second quarter of this year 9,749 condo apartment rental transactions were reported, up by 14.9% compared to 2018. The number of condo apartments that were listed were also up by 28.8% on a year-over-year basis. The average 2019 one-bedroom condo apartment rent for the GTA was $2,192, up 6.7% compared to 2018. Over the same period, the average two-bedroom condo apartment rent increased by 4.3% to 2,873. The vacancy rate for the city of Toronto sits at 0.7%. The GTA population continues to trend upward, as the region attracts people from around the world, both on a permanent and temporary basis, to take advantage of a diversity of employment opportunities. Many of these newcomers and existing GTA households choose to rent.
The sun is shinning, the birds are chirping, and the hot weather is finally here — summer is in full swing. It seems that everywhere you look, glowing faces and lush gardens greet your gaze. A laid-back attitude seems to be permeating these days. As we have settled in after the long weekend, the real estate stats were released for the month of June, and its all good news!
Today we welcome summer, the longest day of the year! Back in the good old days of real estate Realtors would work hard up until the end of June and then they would take it easy for the summer months, as did the buyers. Over the past few years the Spring market has lasted well into summer with usually just a short break in the dog days of August. This year is no different. Listings may have slowed somewhat but the activity and the sales are still going strong. We think because of the weather not feeling HOT just yet, buyers are still attending open houses in droves and competing in bidding wars for that “perfect” home.