TREB RELEASES RENTAL MARKET FIGURES AS REPORTED BY GTA REALTORS®
TORONTO, ONTARIO, October 3, 2019 – Toronto Real Estate Board President Michael Collins
announced that Greater Toronto Area REALTORS® reported 10,800 condominium apartment
rentals through TREB’s MLS® System in the third quarter of 2019. This result was up by 17.3 per
cent compared to the third quarter of 2018.
The number of condominium apartments listed for rent at some point during Q3 2019 was up by
30.1 per cent compared to Q3 2018.
“The fact that rental condominium apartment listings grew at a faster year-over-year pace
compared to rental transactions suggests that the rental market has become better-supplied over
the past year. Steady condominium apartment completions coupled with strong average rent
growth have prompted many investor-owners to list their units for rent. If growth in rental listings
continues to outstrip growth in rental transactions for a sustained period, we could see a more
balanced market in the future,” said TREB President Michael Collins.
Average condominium apartment rents were up on a year-over-year basis across all unit types.
The average one-bedroom condominium apartment rent was $2,262 in Q3 2019 – up 4.5 per cent
compared to Q3 2018. The average two-bedroom condominium apartment rent was up by 4.2 per
cent over the same period to $2,941.
“Rental market conditions remained very tight in the GTA in the third quarter, as evidenced by
average annual rent increases double the rate of inflation. With this being said, however, the pace
of average rent growth has slowed noticeably over the past twelve months as we have seen an
acceleration in listings. This suggests that renters are benefitting from more choice in the
marketplace,” said Jason Mercer, TREB’s Chief Market Analyst.
Cameron and Scott have a decade of real estate experience. Keep up-to-date- with everything The WEIR Team is doing via Instagram – Twitter – Facebook