2016 Q2 Rental Report

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.

Source: TREB

2016 Q2 Rental Market Summary        
             
Apartments 2016 2015 VYA 2016 2015 VYA
             
Total Listed 12337 15280 -19.3%      
             
Total Leased 8,574 8,812 -2.7% $1,958 $1,845 6.2%
             
             
Townhouses 2016 2015 VYA 2016 2015 VYA
             
Total Listed 944 983 -4.0%      
             
Total Leased 571 518 10.2% $2,015 $1,958 2.9%
             
Apartments Leased Leased VYA Average Rent Average Rent VYA
             
Bachelor 278 328 -15.2% $1,425 $1,334 6.8%
One Bedroom 4959 5156 -3.8% $1,710 $1,608 6.3%
Two Bedroom 3,145 3,153 -0.3% $2,330 $2,240 4.0%
Three Bedroom 192 175 9.7% $3,046 $2,649 15.0%
             
Townhouses Leased Leased VYA Average Rent Average Rent VYA
             
Bachelor 2 3 -33.3% $1,350 $817 65.2%
One Bedroom 54 58 -6.9% $1,558 $1,447 7.7%
Two Bedroom 226 183 23.5% $1,903 $1,991 -4.4%
Three Bedroom 289 274 5.5% $2,193 $2,057 6.6%

 

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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