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 | ||||||||||
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