GREATER TORONTO REALTORS® REPORT Q4 RENTAL MARKET FIGURES

TORONTO, January 16, 2015 - Toronto Real Estate Board President Paul Etherington
announced that fourth quarter 2014 condominium apartment rental transactions though
the TorontoMLS system were up by 17 per cent to 5,036 compared to the fourth quarter
of 2013. Over the same period, the number of condominium apartments listed on
TorontoMLS was also up, but by a lesser annual rate.
“We have seen record condominium apartment completions over the last two years.
Many of these new apartments are owned by investors who have chosen to rent them
out. The increased supply of rental condos has been met by increased demand for
these units, as renter households turn to the condominium apartment segment to find
modern units in popular neighbourhoods,” said Mr. Etherington.
“Increased rental demand has resulted from steady population growth in the Greater
Toronto Area, as newcomers have been attracted to the region by its economic and
ethno-cultural diversity,” continued Etherington.
Average rents for popular one-bedroom and two-bedroom apartments were basically
flat in the fourth quarter when compared to the same period in 2013. The average onebedroom
rent was up by $10 year-over-year to $1609. Over the same period, the
average two-bedroom rent remained the same.
“Average rents can be influenced by both changes in market conditions and changes in
the type and geography of apartments rented from one period to the next. Over the
next few months, if we continue to see the growth in rental transactions outstrip the
growth in units listed for rent, we will likely see a new upward trend in average rents,”
said Jason Mercer, TREB’s Director of Market Analysis.

Rudy Reznik

Rudy Reznik

Sales Representative
CENTURY 21 Atria Realty Inc., Brokerage*
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