TORONTO, 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.
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