2015 Q4 Rental Report

Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 6,073 condominium apartment rentals through TREB’s MLS® System in the fourth quarter of 2015. This result represented a substantial 20.7 per cent increase compared to 5,032 rentals reported in Q4 2014.

“While the ownership market is often top-of-mind when we think about condominium apartments in the GTA, it is important to remember that investor-held condos have become an increasingly important source of rental supply. Renters looking for mid- to high-end units have tended to be pointed at condo rentals. Strong demand resulted in tighter market conditions in Q4,” said Mr. McLean.

Year-over-year growth in rental transactions outstripped growth in the number of units listed during the quarter. This suggests that competition between renters increased, which explains above-inflation rent increases for one- and two-bedroom condo apartments.

“Tighter rental market conditions resulted in strong increases in average rents compared to last year. Looking forward into 2016, expect rent growth to remain strong if we continue to see growth in the number of transactions outpace growth in the number of units listed for rent,” said Jason Mercer, TREB’s Director of Market Analysis. 

Source: TREB

 

2015 Q4 Rental Market Summary        
             
Apartments 2015 2014 VYA 2015 2014 VYA
             
Total Listed 11167 10585 5.5%      
             
Total Leased 6,073 5,032 20.7% $1,878 $1,827 2.8%
             
             
Townhouses 2015 2014 VYA 2015 2014 VYA
             
Total Listed 918 963 -4.7%      
             
Total Leased 413 382 8.1% $1,962 $1,812 8.2%
             
Apartments Leased Leased VYA Average Rent Average Rent VYA
             
Bachelor 166 109 52.3% $1,350 $1,327 1.7%
One Bedroom 3597 2958 21.6% $1,653 $1,608 2.8%
Two Bedroom 2,188 1,868 17.1% $2,236 $2,165 3.3%
Three Bedroom 122 97 25.8% $2,833 $2,577 9.9%
             
Townhouses Leased Leased VYA Average Rent Average Rent VYA
             
Bachelor 1 1 0.0% $1,200 $1,100 9.1%
One Bedroom 34 40 -15.0% $1,459 $1,448 0.8%
Two Bedroom 140 152 -7.9% $1,919 $1,723 11.4%
Three Bedroom 238 189 25.9% $2,062 $1,965 4.9%

 

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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