Toronto Real Estate Board

Toronto Real Estate Board

July 21, 2016 10:04 ET

GTA REALTORS® Release Q2 Rental Market Figures

TORONTO, ONTARIO--(Marketwired - July 21, 2016) - Toronto Real Estate Board President Larry Cerqua announced that despite a decline in the number of condominium apartments listed for rent on TREB's MLS® System in the second quarter of 2016, the number of condo apartments rented remained similar on a year-over-year basis - down by only 2.7 per cent compared to the second quarter of 2015.

"Greater Toronto Area REALTORS® continued to facilitate a large number of rental transactions in the second quarter, as investor-held condo apartments remained an important component of the overall rental supply in the GTA. If the market had benefitted from more listings in Q2, the number of rentals would have likely been above last year's level," said Mr. Cerqua.

The average one-bedroom condominium apartment rent was $1,710 per month in the second quarter - up by 6.4 per cent compared to the same period in 2015. The average two-bedroom rent was up by 4.1 per cent year-over-year to $2,330.

"Year-to-date, total condominium apartment completions in the GTA were down compared to the same period in 2015. This contributed to the decline in the number of apartments listed for rent on TREB's MLS® system. However, the number of rental transactions remained similar to last year, suggesting that competition between renters increased, leading to strong growth in average rents," said Jason Mercer, TREB's Director of Market Analysis.

Rental Market Summary: Second 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
Q2 2016 12,337 8,574 278 $1,425 4,959 $1,710 3,145 $2,330 192 $3,046
Q2 2015 15,280 8,812 328 $1,334 5,156 $1,608 3,153 $2,240 175 $2,649
Yr./Yr. % Chg. -19.3% -2.7% -15.2% 6.8% -3.8% 6.4% -0.3% 4.1% 9.7% 15.0%
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
Q2 2016 944 571 2 $1,350 54 $1,558 226 $1,903 289 $2,193
Q2 2015 983 518 3 $817 58 $1,447 183 $1,991 274 $2,057
Yr./Yr. % Chg. -4.0% 10.2% -33.3% 65.3% -6.9% 7.7% 23.5% -4.4% 5.5% 6.6%
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 45,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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