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TORONTO, July 17, 2018 — Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® continued to report strong average rent increases for GTA condominium apartments rented through TREB’s MLS® System in the second quarter of 2018 relative to Q2 2017.
“The demand for condominium apartment rentals remained strong compared to the number of units available for rent. Current market conditions point to the fact that renters have little choice when it comes to finding a place to live. Governments need to look at ways to increase the supply of rental accommodation, both in terms of purpose-built rental properties and individual investor-held units. This would go a long way to easing the pace of rent growth in the GTA,” said Mr. Bhaura.
The average one-bedroom condominium apartment rent increased by 10.4 per cent on a year-over-year basis to $ 2,055 in Q2 2018. The number of one-bedroom condominium apartments rented through TREB’s MLS® System amounted to 4,879 – a 2.9 per cent decrease compared to Q2 2017.
The average two-bedroom condominium apartment rent increased by 8.8 per cent on a year-over-year basis to $ 2,755 in Q2 2018. The number of two-bedroom condominium apartments rented through TREB’s MLS® System amounted to 3,104 – a 1.2 per cent increase compared to Q2 2017.
“Recent government policy changes, including rent controls, have not alleviated the strong upward pressure on monthly rents for available condominium apartments in the GTA. New, investor-held condominium apartments entering the market have not been enough to provide the needed balance in the condo rental market. As a result, the strong competition between renters continues to sustain double-digit or near-double-digit annual average rent increases,” said Jason Mercer, TREB’s Director of Market Analysis.