TORONTO REAL ESTATE BOARD's (TREB) CONDO RENTAL MARKET REPORT - 3rd QUARTER 2019

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TREB Releases Q3 2019 Condo Rental Market Stats: 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. 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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TREB RELEASES CONDO MARKET FIGURES AS REPORTED BY GTA REALTORS® TORONTO, January 28, 2018 -- Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 5,191 condominium apartment sales through TREB's MLS® System in the fourth quarter of 2018. This result was down by 9.9 per cent compared to the last three months of 2017. New condominium apartment listings entered into TREB's MLS® System were down by more than sales on a year-over-year basis – dropping 11.2 per cent from 8,186 in Q4 2017 to 7,272 in Q4 2018. This points to tighter market conditions at the end of 2018 compared to year-end 2017. "The condominium apartment segment was the best-performing segment in terms of annual average rates of price growth in 2018. Condos represent a relatively affordable housing option. With a substantial decrease in listings in 2018, competition between intending buyers remained strong. This supported average price growth well-above the rate of inflation and annual rates of price growth reported for other ground-oriented home types," said Mr. Bhaura. The average price of a condominium apartment increased by 8.3 per cent from $516,086 in Q4 2017 to $558,728 in Q4 2018. Year-over-year price growth in the City of Toronto, which accounted for 72 per cent of transactions, was slightly higher at 8.9 per cent resulting in an average price of $598,664. "The condominium apartment segment continued to be a key entry point into the GTA home ownership market in 2018. Higher mortgage qualification standards meant that many first-time buyers were looking for more affordable housing options. Moving forward, the concern is that a continued lack of listings supply, despite relatively strong new condo completions as of late, will hamper the ability of potential home buyers to meet their housing needs," said Jason Mercer, TREB's Director of Market Analysis.

TREB's CONDO REPORT - 2018 Q4

TORONTO REAL ESTATE BOARD's (TREB) CONDO RENTAL MARKET REPORT - 3rd QUARTER 2019

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