Toronto Real Estate Board

Toronto Real Estate Board

April 17, 2015 11:00 ET

Greater Toronto REALTORS® Report Q1 Rental Market Figures

TORONTO, ONTARIO--(Marketwired - April 17, 2015) - Toronto Real Estate Board President Paul Etherington announced that condominium apartment rental transactions and listings reported by Greater Toronto Area REALTORS® were up strongly on a year-over-year basis in the first quarter of 2015. The total number of units rented was up by 20.9 per cent to 6,074. A very similar annual growth rate of 20.2 per cent was noted for the number of units listed during the first quarter, with the number climbing to 13,409. Two-thirds of condo apartment rental transactions took place in TREB's central districts within the City of Toronto.

"There are many renter households in the GTA and this number continues to increase as our population grows each year. As a result, demand has been strong, keeping vacancy rates low. This is why, even as more investor-held units became available for rent over the past year, many of these units were absorbed in short order. Condo apartments appeal to renters looking to take advantage of new, modern apartments located in popular locations in the City of Toronto and surrounding regions," said Mr. Etherington.

The great majority of condo apartment rentals were accounted for by one-bedroom and two- bedroom units. The average one-bedroom rent was up by 0.8 per cent year-over-year to $1,585. The average two-bedroom rent was up by 1.1 per cent year-over-year to $2,180.

"There was enough demand from renter households in the first quarter to see moderate average rent increases for the popular one-bedroom and two-bedroom apartment types. The fact that new listings continued to be absorbed speaks to the fact that the GTA rental market remains tight and investor-held condo units make up an important segment of the overall rental stock," said Jason Mercer, TREB's Director of Market Analysis.

Rental Market Summary: First Quarter 2015

Apartments
All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Avg. Avg. Avg. Avg.
Listed Leased Leased Rent Leased Rent Leased Rent Leased Rent
Q1 2015 13,409 6,074 158 $ 1,325 3,576 $ 1,585 2,221 $ 2,180 119 $ 2,777
Q1 2014 11,158 5,025 113 $ 1,346 2,997 $ 1,572 1,804 $ 2,155 111 $ 2,746
Yr./Yr. % Chg. 20.2 % 20.9 % 39.8 % -1.6 % 19.3 % 0.8 % 23.1 % 1.1 % 7.2 % 1.1 %
Townhouses
All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Avg. Avg. Avg. Avg.
Listed Leased Leased Rent Leased Rent Leased Rent Leased Rent
Q1 2015 950 397 3 $ 932 35 $ 1,634 163 $ 1,805 196 $ 2,025
Q1 2014 803 325 2 $ 1,150 33 $ 1,490 107 $ 1,904 183 $ 1,947
Yr./Yr. % Chg. 18.3 % 22.2 % 50.0 % -19.0 % 6.1 % 9.7 % 52.3 % -5.2 % 7.1 % 4.0 %

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 40,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

Contact Information

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