GTA REALTORS® Release Q1 Rental Market Report

Toronto, Ontario, CANADA


TORONTO, April 25, 2017 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 6,680 condominium apartment lease transactions through TREB’s MLS® System during the first quarter of 2017.  This result was up by 3.5 per cent compared to the first quarter of 2016.

The number of condominium apartments listed for rent at some point during the first quarter was up on a year-over-year basis, but by less than one per cent.

“As the population and, by extension, number of households continues to grow in the Greater Toronto Area, the demand for housing increases.  Some of this demand is pointed at the rental market, including condominium apartments that owners have chosen to rent out to tenants.  The problem is that the supply of units available for rent has not kept up with demand, leading to more competition between renters and strong upward pressure on average rents,” said Mr. Cerqua.

The average one-bedroom condominium apartment rent for the TREB market area as a whole was up by 7.8 per cent to $1,791.  The average two-bedroom rent was up by 6.8 per cent to $2,432.

“It is important to remember that the rental market meets the housing needs for a substantial number of GTA residents, including newcomers to Canada who choose to settle in the region.  As a result, the rental market often falls under the public policy lens.  Policies pointed at the rental market should be based on solid empirical evidence and should not hamper the supply of rental listings, which has been the main issue impacting renters over the last year,” said Jason Mercer, TREB’s Director of Market Analysis.

Rental Market Summary: First Quarter 2017    
Apartments         
 All Bedroom
Types
BachelorOne-BedroomTwo-BedroomThree-Bedroom
 ListedLeasedLeasedAvg.
Rent
LeasedAvg.
Rent
LeasedAvg.
Rent
LeasedAvg.
Rent
           
Q1 201711,529 6,680 218 $1,507 4,038 $1,791 2,311 $2,432 113 $3,083 
Q1 201611,445 6,452 195 $1,376 3,889 $1,662 2,230 $2,278 138 $2,789 
Yr./Yr. % Chg.0.7%3.5%11.8% 9.6%3.8% 7.8%3.6% 6.8%-18.1% 10.5%
           
Townhouses         
 All Bedroom
Types
BachelorOne-BedroomTwo-BedroomThree-Bedroom
 ListedLeasedLeasedAvg.
Rent
LeasedAvg.
Rent
LeasedAvg.
Rent
LeasedAvg.
Rent
           
Q1 2017959 492 3 $1,275 50 $1,593 208 $2,002 231 $2,209 
Q1 2016881 411 1 $1,100 36 $1,492 166 $1,842 208 $2,095 
Yr./Yr. % Chg.8.9%19.7%200.0% 15.9%38.9% 6.7%25.3% 8.7%11.1% 5.4%
           
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 48,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area.  TREB is Canada’s largest real estate board.


        

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