Toronto Real Estate Board

Toronto Real Estate Board

January 16, 2015 09:30 ET

Greater Toronto Realtors® Report Q4 Rental Market Figures

TORONTO, ONTARIO--(Marketwired - Jan. 16, 2015) - Toronto Real Estate Board President Paul Etherington announced that fourth quarter 2014 condominium apartment rental transactions though the TorontoMLS system were up by 17 per cent to 5,036 compared to the fourth quarter of 2013. Over the same period, the number of condominium apartments listed on TorontoMLS was also up, but by a lesser annual rate.

"We have seen record condominium apartment completions over the last two years. Many of these new apartments are owned by investors who have chosen to rent them out. The increased supply of rental condos has been met by increased demand for these units, as renter households turn to the condominium apartment segment to find modern units in popular neighbourhoods," said Mr. Etherington.

"Increased rental demand has resulted from steady population growth in the Greater Toronto Area, as newcomers have been attracted to the region by its economic and ethno-cultural diversity," continued Etherington.

Average rents for popular one-bedroom and two-bedroom apartments were basically flat in the fourth quarter when compared to the same period in 2013. The average one- bedroom rent was up by $10 year-over-year to $1609. Over the same period, the average two-bedroom rent remained the same.

"Average rents can be influenced by both changes in market conditions and changes in the type and geography of apartments rented from one period to the next. Over the next few months, if we continue to see the growth in rental transactions outstrip the growth in units listed for rent, we will likely see a new upward trend in average rents," said Jason Mercer, TREB's Director of Market Analysis.

Rental Market Summary: Fourth Quarter 2014

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
Q4 2014 10,611 5,036 109 $1,327 2,962 $1,609 1,868 $2,165 97 $2,577
Q4 2013 9,310 4,298 110 $1,288 2,490 $1,599 1,608 $2,165 90 $2,524
Yr./Yr. %
Chg. 14.0 % 17.2 % -0.9 % 3.0 % 19.0 % 0.6 % 16.2 % 0.0 % 7.8 % 2.1 %

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
Q4 2014 967 383 1 $1,100 40 $1,448 153 $1,721 189 $1,965
Q4 2013 821 285 2 $1,125 19 $1,489 97 $1,840 167 $1,946
Yr./Yr. %
Chg. 17.8 % 34.4 % -50.0 % -2.2 % 110.5 % -2.8 % 57.7 % -6.5 % 13.2 % 1.0 %

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 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