Toronto Real Estate Board

Toronto Real Estate Board

October 24, 2016 11:13 ET

GTA REALTORS® Release Q3 Rental Market Report

TORONTO, ONTARIO--(Marketwired - Oct. 24, 2016) - Toronto Real Estate Board President Larry Cerqua announced that the number of lease agreements signed for condominium apartments listed on TREB's MLS® System was down by 4.8 per cent on a year-over-year basis to 9,164 in the third quarter of 2016 compared to 9,629 a year earlier. Over the same period, the number of condominium apartments listed for rent was down by a greater annual rate of 17.3 per cent.

"Demand remains very strong for condominium apartments in the Greater Toronto Area. The key issue in the third quarter was the fact that there was a pronounced decline in the number of units available for rent. The dip in the supply of available rental units can be attributed, at least in part, to fewer condominium project completions during the first three quarters of 2016 compared to last year. This suggests that there were fewer newly completed investor-held units available for rent," said Mr. Cerqua.

Average one-bedroom and two-bedroom condominium apartment rents were up substantially in the third quarter compared to 2015. The average one-bedroom rent was up by 7.2 per cent to $1,777. The average two-bedroom rent was up by 7.9 per cent to $2,419.

"Conditions in the condominium apartment rental market tightened substantially in the third quarter, with listings down on a much greater basis relative to rental transactions. This means that competition between renters was enhanced, which fed through into average rent increases well-above the rate of inflation," said Jason Mercer, the TREB's Director of Market Analysis.

Rental Market Summary: Third Quarter 2016
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 2016 12,093 9,164 377 $1,488 5,265 $1,777 3,333 $2,419 189 $3,058
Q3 2015 14,622 9,629 324 $1,375 5,486 $1,657 3,610 $2,241 209 $2,693
Yr./Yr. %Chg. -17.3% -4.8% 16.4% 8.3% -4.0% 7.2% -7.7% 7.9% -9.6% 13.6%
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
Q3,2016 945 604 3 $1,375 54 $1,537 217 $2,142 330 $2,176
Q3 2015 1,030 577 3 $1,292 65 $1,478 174 $1,872 335 $2,066
Yr./Yr. %Chg. -8.3% 4.7% 0.0% 6.5% -16.9% 4.1% 24.7% 14.5% -1.5% 5.3%

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 46,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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Contact Information

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