The condo rental market is growing faster in the Leaside area than in any other part of Toronto — by far — according to a report from real estate brokerage Zoocasa.
Twenty-six out of 35 neighbourhoods showed growth in condominium rental listings for the second quarter of this year over the second quarter of 2019 in Zoocasa’s analysis of data from the Toronto Regional Real Estate Board.
But the real estate district including Leaside, Thorncliffe Park and Flemingdon Park and stood out with a whopping 461 per cent increase.
The next closest was Yorkville, Annex and Summerhill at 88 per cent growth in listings.
The district including Leslieville, Riverside and Little India rounded out the top five with a 53 per cent hike.
Overall, Toronto saw a 45 per cent increase in the second quarter over last year’s second quarter.
The upward change in what used to be a very tight condo rental market may be attributed to the impact of the COVID-19 pandemic.
The coronavirus’s immediate economic impact, the social-distancing measures, border closures, and restrictions on schools, workplaces, and businesses has affected the market, according to a Zoocasa statement released yesterday.
“Previously, it was rather difficult and competitive for renters to attain their desired unit, particularly in the downtown area,” Zoocasa agent Andrew Kim said in the statement.
In March and April, many renters who were unsure how COVID-19 would affect them chose to terminate their leases to seek better affordability, find a larger space, or live closer to family, Kim said.
The rental market began to pick up during the reopening toward the end of the second quarter, but the extent of the recovery remains unclear as healthcare uncertainties continue, he said.
Affordable condo rentals
Leaside is also far ahead of the pack in another metric spelled out in the report: the number of leased condominium units.
Second quarter figures for area are up 352 per cent over a year ago.
To summarize, the number of condominium apartments both available and successfully rented are way up in Leaside and nearby neighbourhoods.
Only two other of the 35 areas in Toronto have increased in the number of leased units — one of them being the area of Leslieville, Riverside and Little India again.
One figure where Leaside does not top the list is in the average lease rate. At an average price of $1,987 per unit (down 12 per cent from the second quarter a year ago), Leaside is actually one of the most affordable areas in Toronto for condominium apartment rentals, according to the report.
Selected neighbourhoods by second-quarter growth in new condo rental listings:
1. Leaside, Thorncliffe Park, Flemingdon Park
- listed: 359 (up 461%)
- leased: 190 (up 352%)
- average lease rate: $1,987 (down 12%)
2. Yorkville, Annex, Summerhill
- listed: 736 (up 88%)
- leased: 163 (down 14%)
- average lease rate: $3,020 (down 9%)
3. Downtown, Entertainment District, CityPlace, Liberty Village
- listed: 8,152 (up 80%)
- leased: 2,391 (down 14)
- average lease rate: $2,432 (down 9%)
4. Dorset Park, Kennedy Park
- listed: 51 (up 70%)
- leased: 26 (up 18%)
- average lease rate: $1,960 (no change)
5. Leslieville, Riverside, Little India
- listed: 240 (up 53%)
- leased: 134 (up 106%)
- average lease rate: $2,202 (down 9%)
6. Regent Park, St. James Town, Corktown
- listed: 3,317 (up 43%)
- leased: 997 (down 31%)
- average lease rate: $2,239 (down 11%)
10. Rosedale, Moore Park
- listed: 113 (up 27%)
- leased: 42 (down 24%)
- average lease rate: $3,143 (down 8%)
11. The Beach, Upper Beaches
- listed: 66 (up 27%)
- leased: 24 (down 14%)
- average lease rate: $2,475 (down 5%)
12. York Mills, Bridle Path, Hoggs Hollow
- listed: 36 (up 24%)
- leased: 12 (change NA)
- average lease rate: $3,108 (change NA)
14. Mount Pleasant East
- listed: 820 (up 20%)
- leased: 242 (down 49%)
- average lease rate: $2,269 (down 2%)
20. Forest Hill, Oakwood Village
- listed: 200 (up 11%)
- leased: 57 (down 53%)
- average lease rate: $2,457 (down 4%)
24. Parkwood, Don Mills, Victoria Village
- listed: 153 (up 4%)
- leased: 65 (down 30%)
- average lease rate: $2,261 (up 1%)
25. East York, Danforth Village
- listed: 26 (up 4%)
- leased: 5 (change NA)
- average lease rate: $2,415 (change NA)
26. Yorkdale-Glen Park, Weston
- listed: 151 (no change)
- leased: 42 (down 62%)
- average lease rate: $2,183 (up 3%)
27. Bedford Park-Nortown, Lawrence Park, Forest Hill North
- listed: 65 (down 4%)
- leased: 23 (down 44%)
- average lease rate: $2,711 (down 2%)