NEWS RELEASE



TREB Reports Q4 Rental Market Statistics for 2015

TORONTO, January 27, 2016 -- 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.

 

Rental Market Summary: Fourth Quarter 2015
Apartments
All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Listed Leased Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent
Q4 2015 11,167 6,073   166 $1,350   3,597 $1,653   2,188 $2,236   122 $2,833
Q4 2014 10,585 5,032 109 $1,327 5,870 2,958 $1,608 4,194 1,868 $2,165 290 97 $2,577
Yr./Yr. % Chg. 5.5% 20.7%   52.3% 1.7%   21.6% 2.8%   17.1% 3.3%   25.8% 9.9%
Townhouses
All Bedroom Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Listed Leased Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent Leased Avg. Rent
Q4 2015 918 413   1 $1,200   34 $1,459   140 $1,919   238 $2,062
Q4 2014 963 382 1 $1,100 40 $1,448 152 $1,723 189 $1,965
Yr./Yr. % Chg. -4.7% 8.1%   0.0% 9.1%   -15.0% 0.8%   -7.9% 11.4%   25.9% 4.9%
Source: Toronto Real Estate Board