Strong Average Rent Growth Continued in Q4 2017 Across The Greater Toronto Area

Toronto Real Estate Board President Tim Syrianos announced that average rents for one-bedroom and two-bedroom condominium apartment rents were up very strongly on a year-over-year basis in the fourth quarter of 2017, based on transactions reported by Greater Toronto REALTORS® through TREB’s MLS® System.

The average rent for one-bedroom condominium apartments in the TREB market area was up by 10.9 per cent on an annual basis to $1,970 in Q4 2017. The average two-bedroom condominium apartment rent was up by 8.8 per cent over the same period to $2,627.

“As the population in the GTA continues to grow, so too does the demand for rental accommodation. The problem is that rental supply has not kept up with the increase in demand in recent years. The result has been low vacancy rates and intense competition between renters for available units. This competition has underpinned very strong growth in average rents,” said Mr. Syrianos.

The number of condominium apartments listed during the fourth quarter was down by 3.4 per cent compared to Q4 2016. The number of units leased was down by 0.7 per cent. Because the vacancy rate was less than one per cent for condominium apartments in the fall of 2017, a dip in the number of apartments listed for rent translated through into a dip in the number of lease agreements signed.

“Looking forward, we continue to have concerns that rent control legislation announced in conjunction with the Ontario Fair Housing Plan will preclude additional rental supply coming on stream, both in the purpose-built and investor-held condominium apartment segments. Going further, it is possible that current owners of condominium apartments could choose to list their units for sale to take advantage of recent price gains rather than rent their units to tenants under the new rent control regime,” said Jason Mercer, TREB’s Director of Market Analysis.

CLICK HERE to download the full Q4 2017 Toronto Real Estate Board Rental Market Update.


About the Toronto Real Estate Board

The Toronto Real Estate Board was founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 45,000 Members.

Toronto Real Estate Board REALTORS® are passionate about their work. They're highly trained experts who have all the tools and skills to help you buy or sell your home.

They're marketing professionals who know how to make your home more saleable. And they know what questions to ask when you're considering buying a home.

They're up to date on the most current market conditions so they can counsel you through all the important decisions. And they negotiate for you to maximize your return. Get peace of mind with a real estate professional.

Let us know what you think, send all your feedback to: publicfeedback@trebnet.com

If you have any questions or concerns about the Toronto Real Estate Board ("TREB") complaint process as it relates to the conduct of TREB Members, please email your comments to complaints@trebnet.com


About Royal LePage Vision

Founded in 2003, Royal LePage Vision, in Toronto, is a multiple award-winning brokerage with a strong contingent of high-performing agents. Our strength over the past 13 years is rooted in technology and how innovation translates to exceptional service.

From top to bottom our brokerage is built on making it easier for our Realtors to succeed in real estate while staying consistently connected to the office. With a strong emphasis on training, for both our support staff & Realtors, each one of our Realtors has the support and tools to be effective in their market.

If you would like to learn more about the difference VISION makes, please give us a call at 416-321-2228 or visit moveuptoroyallepage.com.



Buying


Buying a Home

 

If the time for you has come to "Find Your Dream Home", we would love to help you.

 

Learn More

Selling


Selling a Home

 

An accurate value estimate for your home is just one aspect of selling a property.

 

Learn More

Our Brokerage


Address:  2210 Markham Rd. Unit 1
                  Toronto, ON M1B 5V6

Phone:     416.321.2228

 

 

Follow Us


Keep up-to-date with the latest listings, tips for the real estate market, or to get in touch with us online.

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 5/26/2018 6:46:06 AM