Toronto Real Estate Board



Toronto Real Estate Board

April 15, 2014 10:30 ET

Greater Toronto Realtors® Report Q1 Rental Market Statistics

TORONTO, ONTARIO--(Marketwired - April 15, 2014) - Toronto Real Estate Board President Dianne Usher announced that strong growth in rental transactions and rental listings was reported by Greater Toronto REALTORS® during the first quarter of 2014. For condominium apartments in particular, total rental transactions were up by 17.8 per cent compared to the first quarter of 2013. The total number of units listed was up by an even greater 27.7 per cent.

"Renters took advantage of an increased supply of investor-owned units listed for rent in the first quarter. These units, with modern finishes, choice amenities and locations in popular neighbourhoods attracted a growing number of renter households, including young professionals moving close to work in downtown Toronto and new comers to Canada who initially chose to rent," said Ms. Usher.

One-bedroom units accounted for approximately 60 per cent of total condominium apartment rentals in Q1 2014. The average one-bedroom rent was down by 1.6 per cent to $1,573. Two-bedroom condominium apartments accounted for 36 per cent of transactions. The average two-bedroom rent was up by 1.9 per cent to $2,155.

"The condominium apartment rental market has become better supplied over the past 12 months as a number of new projects reached the completion stage. While rental demand has remained strong, and many investor-owned rental units have been absorbed, the increase in supply has given prospective renters more choice, so the pace of average rent growth has moderated," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Rental Market Summary: First 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
Q1 2014 11,208 5,033 113 $1,346 3,002 $1,573 1,807 $2,155 111 $2,746
Q1 2013 8,780 4,273 97 $1,308 2,379 $1,597 1,698 $2,115 99 $2,748
Yr./Yr. % Chg. 27.7% 17.8% 16.5% 3.0% 26.2% -1.6% 6.4% 1.9% 12.1% -0.1%
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
Q1 2014 760 326 2 $1,150 33 $1,490 107 $1,904 184 $1,949
Q1 2013 694 284 3 $1,417 26 $1,509 94 $1,889 161 $2,002
Yr./Yr. % Chg. 9.5% 14.8% -33.3% -18.8% 26.9% -1.3% 13.8% 0.8% 14.3% -2.7%

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 38,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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