As per Toronto MLS® rental market report, condo apartment rentals increased 12 per cent over same time last year. When comparing Mississauga Square one (W 15 district) and Downtown Toronto (C 1 district) the rental market seems to be somewhat stronger in Downtown Toronto for the same period. The average rent to list ratio in W 15 district is 48.7% (out of 608 listings, 296 condo apartments rented). In Downtown Toronto this ratio is slightly better at 56% (out of 1,642 lease listings, 921 rented). An average monthly rent for one bedroom condo apartment in Downtown Toronto is almost $1,600 compared with $1,300 in Mississauga Square One area.
As of today, there are more than 50 one bedroom and some 140 two bedroom condos available for rent in Mississauga Square One district. Pricing one’s condominium competitively is very important. Today, renters demand newer condominiums and prefer younger age over the size. Building reputation and demography mix also plays important role when it come to choosing condos. In Downtown Toronto, well priced newer condos near subway lines, college and financial districts are easy to rent.
One reason for increase in no. of rental listings has to do with the historical low interest rates, many first time buyers are flocking to buy condos before government’s intervenes to cool down real estate market (a hint of increasing down payment and or reducing amortization period is already in the air). Definitely, renting will gain pace once the interest rates climb in the latter part of 2010.
The median price of Square One condo has moved up by almost 12 percent from same time last year (from $205,000 in Jan 2009 to $230,000 in Jan 2010). This is in comparison to 17 percent increase in median price of Downtown Toronto’s condo (from $298,750 in Jan 2009 to $351,000 in 2010).
Definitely, this is a great time for sellers. Let me know if you plan to rent or sell your Downtown Toronto or Mississauga home or condo.
For more info visit Toronto Real Estate Market Watch reports on my website