TREB RELEASES RENTAL MARKET FIGURES AS REPORTED BY GTA REALTORS®
TORONTO, ONTARIO, July 4, 2019 – Toronto Real Estate Board President Michael Collins
announced that Greater Toronto Area REALTORS® reported 9,749 condominium apartment rental
transactions through TREB’s MLS® System in the second quarter of 2019. This result was up by
14.9 per cent compared to Q2 2018.
The number of condominium apartments that were listed at some point during the second
quarter of 2019 was also up on a year-over-year basis by 28.8 percent, nearly doubling the annual
growth rate for rental transactions, suggesting that the rental market became better supplied over
the past year.
“The GTA population continues to trend upward, as the region attracts people from around the
world, both on a permanent and temporary basis, to take advantage of a diversity of employment
opportunities. Many of these new comers and existing GTA households choose to rent. With this
in mind, it makes sense that we continue to see strong year-over-year increases in the number of
condominium apartments rented,” said Mr. Collins.
The average Q2 2019 one-bedroom condominium apartment rent for the GTA as a whole was
$2,192, up 6.7 percent compared to Q2 2018. Over the same period, the average two-bedroom
condominium apartment rent increased by 4.3 per cent to $2,873.
“While the rental market remains tight, renters do appear to be benefitting from more supply in
the marketplace. The pace of year-over-year average rent growth has slowed over the past year.
That being said, average condo rents continued to increase well-above the rate of inflation in the
second quarter. This suggests that new rental supply, in terms of both purpose-built rental units
and investor-owned condominium apartments, is still required in the GTA to keep up with
population growth and new household formation,” said Jason Mercer, TREB’s Chief Market
Analyst.
Published by TREBHOME.com