Toronto Real Estate Board

Toronto Real Estate Board

July 18, 2012 09:00 ET

GTA REALTORS® Release Q2 Rental Market Report

TORONTO, ONTARIO--(Marketwire - July 18, 2012) - Greater Toronto REALTORS® reported 4,771 leased condominium apartments through the TorontoMLS system in the second quarter of 2012, representing a three per cent increase over the second quarter of 2011. The number of apartments listed for rent in the second quarter grew at a faster pace compared to rental transactions - up 15 per cent year-over-year.

"Strong condominium apartment completions over the past year resulted in many investor-held units being listed for rent in the second quarter. While prospective renters did benefit from more choice compared to last year, market conditions remained tight enough to prompt annual average rent increases above the rate of inflation," said Toronto Real Estate Board President (TREB) Ann Hannah.

The average two bedroom apartment rent in the second quarter was $2,088. This represented an increase of four per cent in comparison to the same period in 2011.

"There have not been a lot of rental buildings completed over the past few years. Investor-held condominium apartments have filled a void for renters looking for units with modern finishes and amenities located in popular neighbourhoods. With this in mind, it is not surprising that the vacancy rate for condo apartments has been low and average rents have been increasing at a healthy pace," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Rental Market Summary Tables: Second Quarter 2012

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
2011 8,893 4,771 143 $ 1,285 2,552 $ 1,556 1,950 $ 2,088 126 $ 2,625
2010 7,710 4,629 130 $ 1,246 2,480 $ 1,514 1,897 $ 2,016 122 $ 2,346
Yr./Yr. %
Chg. 15 % 3 % 10 % 3 % 3 % 3 % 3 % 4 % 3 % 12 %
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
2011 804 367 0 - 31 $ 1,416 110 $ 1,677 226 $ 1,911
2010 604 318 2 $ 1,225 32 $ 1,432 103 $ 1,809 181 $ 1,814
Yr./Yr. %
Chg. 33 % 15 % - - -3 % -1 % 7 % -7 % 25 % 5 %

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 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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