The Toronto neighbourhoods with the most (and least) new condo rentals right now

Aug 19 2020, 9:24 am

The COVID-19 pandemic has affected the rental market drastically.

In Toronto, the number of new condo listings grew by a staggering 45% in the second quarter, while the number of condos leased declined 25% for the same period.

According to a report from Zoocasa, analyzing data from the Toronto Regional Real Estate Board (TRREB), condo rental listings showed growth in 26 out of 35 neighbourhoods, while just three neighbourhoods saw growth in new condo leases last quarter.

For 20 neighbourhoods, new condo rental listings grew in the double digits for the second quarter. And of these, five neighbourhoods noted faster growth in condo rental new listings than the city average.

This includes the C01 — Downtown, Entertainment District, CityPlace, and Liberty Village — neighbourhood that is popular for short-term rentals, where listings rose 80% while there was a 14% decline in condo leases.

The five neighbourhoods with the highest new condo rental growth:

1. C11 – Leaside, Thorncliffe Park, Flemingdon Park

  • Condo rentals listed: 359 (+461% vs. Q2 2019)
  • Average lease rate: $1,987 (-12% vs. Q2 2019)

2. C02 – Yorkville, Annex, Summerhill

  • Condo rentals listed: 736 (+88% vs. Q2 2019)
  • Average lease rate: $3,020 (-9% vs. Q2 2019)

3. C01 – Downtown, Entertainment District, CityPlace, Liberty Village

  • Condo rentals listed: 8,152 (+80% vs. Q2 2019)
  • Average lease rate: $2,432 (-9% vs. Q2 2019)

4. E04 – Dorset Park, Kennedy Park

  • Condo rentals listed: 51 (+70% vs. Q2 2019)
  • Average lease rate: $1,960 (0% vs. Q2 2019)

5. E01 – Leslieville, Riverside, Little India

  • Condo rentals listed: 240 (+53% vs. Q2 2019)
  • Average lease rate: $2,202 (-9% vs. Q2 2019)

According to Zoocasa agent, Jim Roberts, supply in these neighbourhoods is good news for renters as it puts downward pressure on prices.

“However, renters in these new buildings in particular should keep in mind that once these units are complete and they register, many investors may head for the exit door looking to sell and cash in on their investments. This could create a situation where the tenant is forced to leave if the new buyer plans on moving into the property,” the release notes.

The five neighbourhoods with the least new condo rental growth:

1. c15 — Hillcrest Village, Bayview Village 

  • Condo rentals listed: 258 (-14% vs. Q2 2019)
  • Average lease rate: $2,205 (-46% vs. Q2 2019)

2. c07 — Willowdale West, Lansing-Westgate

  • Condo rentals listed: 518 (-7% vs. Q2 2019)
  • Average lease rate: $2,450 (-53% vs. Q2 2019)

3. E05 — Steeles, L’Amoreaux, Tam O’Shanter-Sullivan 

  • Condo rentals listed: 60 (-5% vs. Q2 2019)
  • Average lease rate: $2,193 (-55% vs. Q2 2019)

 4. C04 — Bedford Park-Nortown, Lawrence Park, Forest Hill North 

  • Condo rentals listed: 65 (-5% vs. Q2 2019)
  • Average lease rate: $2,193 (-55% vs. Q2 2019)

5. WO4 — Yorkdale-Glen Park, Weston 

  • Condo rentals listed: 151 (0% vs. Q2 2019)
  • Average lease rate: $2,183 (-62% vs. Q2 2019)

Zoocasa

And when it comes to average rental prices, they dipped 6% for the City of Toronto as a whole to $2,357. Of the 35 neighbourhoods studied, 12 noted average rental price declines.

So now might be the time to look into a new condo, but keep in mind the precarious nature of the housing market in this current climate.

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