Toronto Real Estate Board

Toronto Real Estate Board

October 17, 2014 13:00 ET

Greater Toronto Realtors ® Release Q3 Rental Market Report

TORONTO, ONTARIO--(Marketwired - Oct. 17, 2014) - Toronto Real Estate Board President Paul Etherington announced that condominium apartment rental transactions through the TorontoMLS system were up by 20.5 per cent year-over-year in the third quarter to 7,868. The increase was driven by the popular one-bedroom apartment segment, which experienced an increase in rental transactions of 24.7 per cent compared to the same period last year.

The number of condominium apartments listed for rent on TorontoMLS during the third quarter was up by 11.7 per cent compared to the third quarter in 2013.

"The third quarter rental market results were very positive. We have experienced strong condo apartment completions over the past two years. Many of these completions have translated into rental listings on the TorontoMLS system. However, this does not mean we have experienced a glut in supply. To the contrary, we actually saw growth in transactions outstrip growth in the number of units listed, suggesting there exists some pent-up demand for condo rentals," said Mr. Etherington.

Third quarter average rents for one-bedroom and two-bedroom condominium apartments, which accounted for the great majority of rental transactions, were little changed compared to 2013. Average one-bedroom rents were down by less than one per cent compared to last year and average two- bedroom rents were up by less than one per cent.

"Rental market conditions in the GTA have tightened over the past two quarters, with growth in rental transactions outpacing growth in listings. This suggests that we could see some renewed upward pressure on average rents moving forward, as competition between renters increases," said Jason Mercer, TREB's Director of Market Analysis.

Rental Market Summary: Third Quarter 2014
Apartments
All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Listed Leased Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent
Q3 2014 12,133 7,868 231 $1,380 4,404 $1,626 3,068 $2,192 165 $2,720
Q3 2013 10,858 6,532 162 $1,365 3,532 $1,633 2,694 $2,173 144 $2,610
Yr./Yr. % Chg. 11.7% 20.5% 42.6% 1.1% 24.7% -0.4% 13.9% 0.9% 14.6% 4.2%
Townhouses
All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Listed Leased Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent
Q3 2014 956 482 2 $1,275 43 $1,416 168 $1,808 269 $2,066
Q3 2013 957 506 5 $1,170 49 $1,434 172 $1,825 280 $1,936
Yr./Yr. % Chg. -0.1% -4.7% -60.0% 9.0% -12.2% -1.2% -2.3% -1.0% -3.9% 6.7%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 39,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

Contact Information

  • Media Inquiries:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com