Mississauga, Brampton Real Estate- Xceed Realty Inc..Buying, Selling and Leasing Residential, Commercial and Investment Properties

Both leased transactions through the TorontoMLS system and monthly rents achieved in these transactions climbed in the second four-month period of 2008. Total units rented came to 4,297 (apartments and townhouses), up 12 per cent over the same timeframe in 2007. Meanwhile, benchmark two-bedroom apartments rented for $1,885 per month, up one percent over the $1,860 per month recorded in the corresponding period of 2007, and in fact, rental prices in all categories rose.

The most active districts for rentals within the GTA for apartment rentals remained in the downtown core (C01, which had 1,130 rental transactions), North York (C14, with 500 rentals), and Cooksville (W15, with 402 rentals). With townhouses, the most active districts were within Mississauga (W19 and W20, with 33 and 49 rentals respectively), and North York (C14, with 26 rentals).

As noted previously, rents in all categories of leased property increased during the May to August period. For example, bachelor apartments increased to $1,216 per month, from the$1,167 per month recorded in the middle portion of 2007, a four per cent rise. Three-bedroom townhouses saw a significant increase, up seven per cent to $1,780 per month from last year’s $1,661 figure.

Central Area

Most condo apartment leases took place in TREB’s Central area. Of the 2,437 total units rented, 1,397 were one bedroom units averaging $1,568 per month, and another 865 were two-bedroom units that rented for $2,155 per month.

The 2,437 figure is up nine per cent from the May to August period of 2007, when 2,244 apartment rentals took place. Since no new buildings that are dominated by rental units seem to have gone up, the increase seems largely due to heightened activity.

In TREB’s Central area there were 89 condominium townhouse rentals, with the greatest amount of activity taking place in North York Centre (C14), which had 26 units leased.

Most townhouse rentals in the Central area (39) were three bedroom units that rented for an average of $2,664 per month.

East Area

During the middle third of 2008, TREB’s East area saw 269 apartments leased, up nine per cent from the same time last year. One-bedroom units in the East rented for an average of $1,206 per month, down about one per cent from the $1,215 per month recorded during the 2007 May to August period.

Two-bedroom units rented for $1,503 per month, up two per cent from the $1,476 per month recorded last year.

TREB’s East districts saw 38 condo townhouse rentals. Of these, 11 were two-bedroom units that rented for an average of $1,508 per month, up eight per cent over the 2007 figure. In addition, 26 three-bedroom units rented for an average of $1,516 per month.

North Area

Within the North districts TREB Members reported 374 condominium apartment leases, up 21 per cent over the 309 figure recorded last year. • Two-bedroom units were the most popular rental units, with 194 leased for an average of $1,692 per month. There were also 169 one-bedroom units rented for an average of $1,344 per month, and 10 three- bedroom units rented for an average of $1,965 per month. Rents in all types of apartment were up from their year-ago levels.

TREB Members also reported 60 condo-townhouse transactions in the North area between May and August. The majority of these (41) were three-bedroom units, renting for an average of $1,755 per month, up two per cent from the $1,715 recorded during the same timeframe in 2007.

West Area

The Toronto Real Estate Board’s Western districts continue to be the most active for rentals outside of downtown Toronto, with 855 condominium apartment rentals in the last four month period, up 27 per cent over the 673 units leased in 2007. • One and two-bedroom units dominated Western area leased transactions, with 296 one-bedrooms leased for an average of $1,352 per month, and 510 two-bedrooms leasing for $1,602 per month.

The West area is the most active in the GTA for condominium townhouse rentals. During the last reporting period, 175 units leased in total. Most (141) of these were three-bedroom units, which went for an average of $1,607 per month, up four per cent over the figure recorded during May to August 2007 of $1,544 per month.