Toronto Real Estate Board

Toronto Real Estate Board

April 22, 2016 09:00 ET

GTA Realtors® Release Q1 Rental Market Report

TORONTO, ONTARIO--(Marketwired - April 22, 2016) - Toronto Real Estate Board President Mark McLean announced 6,458 condominium apartment rental transactions reported through TREB's MLS® System during the first quarter of 2016. This result represented a year-over-year increase of 6.5 per cent compared to the first quarter of 2015.

"It's not just the home ownership market that is tight in the Greater Toronto Area. Demand for condominium apartment rentals remained very strong relative to available listings. As a result, strong competition between renters prompted very strong growth in average rents, particularly for the popular one bedroom and two-bedroom apartment categories," said Mr. McLean.

The average one-bedroom apartment rent was $1,662 in the first quarter - up 4.8 per cent compared to the same period in 2015. The average two-bedroom rent climbed by 8.9 per cent to $2,375 on a year-over-year basis.

"Even with record and near-record completions over the last few years, condominium apartment vacancy rates have remained low. Renters looking for new apartments in popular neighbourhoods are by and large pointed at investor-held condominium apartments. This is why new rental listings have been absorbed in short order and average rents have trended upwards over the past year," said Jason Mercer, TREB's Director of Market Analysis.

Rental Market Summary: First 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
Q1 201611,483 6,458 195 $1,376 3,891 $1,662 2,234 $2,375 138 $2,789
Q1 201513,338 6,063 158 $1,325 3,569 $1,585 2,217 $2,180 119 $2,777
Yr./Yr. % Chg.-13.9%6.5%23.4%3.8%9.0%4.8%0.8%8.9%16.0%0.5%
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 2016887 413 1 $1,100 36 $1,492 167 $1,840 209 $2,093
Q1 2015942 396 2 $1,073 35 $1,634 163 $1,805 196 $2,025
Yr./Yr. % Chg.-5.8%4.3%-50.0%2.6%2.9%-8.7%2.5%1.9%6.6%3.4%

Source: Toronto Real Estate Board

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 43,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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