2 days ago - 2018. --. 5.34%. Sources: Statistics Canada; Bank of Canada ..... $1,722. 14. $1,955. 0. -. 304. $1,743. 3,
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Economic Indicators Strong Condo Rent Growth Continued in Q2 2018 Real GDP Quarterly
Q1
2018
1.3%
Toronto Employment Growth
June
% Change Prev Month
2018
2018
6.3%
Inflation Rate (Yr./Yr. CPI Growth)
May
2018
--
2.2%
Bank of Canada Overnight Rate
June
The average two-bedroom condominium apartment rent increased by 8.8 per cent on a year-overyear 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.
1.3%
2018
--
“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 5.34% continues to sustain double-digit or near-double-digit annual average rent increases,” said Jason Mercer, TREB’s Director of Market Analysis.
2018
--
8,497
8,545
Q2 2018
Q2 2017
The average one-bedroom condominium apartment rent increased by 10.4 per cent on a yearover-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.
--
Fixed 5-Year Mortgage Rate
June
“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.
2018
Prime Rate
June
Total TREB MLS® Apartment Rentals 1,3
% Change
2.3%
Toronto Unemployment Rate
June
TORONTO, ONTARIO, 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.
3.5%
Sources: Statistics Canada; Bank of Canada
TREB MLS® Avg. 1-Bdrm. Apt. Rent 1,3
Rental Market Summary: Second Quarter 2018 Apartments1,2,3 All Bedroom Types Quarter Q2 2018 Q2 2017 Yr./Yr. % Chg. 20182
Bachelor
Listed
Leased
Leased
Avg. Rent
11,963 11,843 1.0%
8,497 8,545 -0.6%
331 272 21.23% 21.7%
$1,716 $1,551 21.69% 10.6%
One-Bedroom Leased 4,879 5,023 0.39% -2.9%
Avg. Rent $2,055 $1,861 -2.87% 10.4%
Two-Bedroom Leased 3,104 3,068 0.26% 1.2%
Avg. Rent
Three-Bedroom Leased
Avg. Rent
$2,755 183 $3,469 $2,533 182 $3,148 1.17%8.8% 1.95% 0.5% 0.55% 10.2%
$2,055
$1,861
Townhouses1,2,3 All Bedroom Types Quarter Q2 2018 Q2 2017 Yr./Yr. % Chg. 20182
Bachelor
Listed
Leased
Leased
Avg. Rent
985 952 3.5%
665 613 8.5%
3 4 -40.00% -25.0%
$1,650 $1,169 41.2% (0)
One-Bedroom Leased 45 52 -14.94% -13.5%
Avg. Rent $1,907 $1,767 7.9% (0)
Two-Bedroom Leased 287 239 11.67% 20.1%
Avg. Rent
Three-Bedroom Leased
$2,186 330 $2,092 318 04.5% 1.20% 3.8%
Avg. Rent $2,462 $2,415 0 1.9%
Q2 2018
Q2 2017
Toronto Real Estate Board APARTMENTS, SECOND QUARTER 2018 ALL TREB AREAS
SUMMARY OF RENTAL TRANSACTIONS Bachelor
All Apartments TREB Total Halton Region Burlington Halton Hills Milton Oakville Peel Region Brampton Caledon Mississauga City of Toronto Toronto West Toronto Central Toronto East York Region Aurora E. Gwillimbury Georgina King Markham Newmarket Richmond Hill Vaughan Whitchurch-Stouffville Durham Region Ajax Brock Clarington Oshawa Pickering Scugog Uxbridge Whitby Dufferin County Orangeville Simcoe County Adjala-Tosorontio Bradford West Gwillimbury Essa Innisfil New Tecumseth
One-Bedroom
Two-Bedroom
Three-Bedroom
Total Listed1
Total Leased2
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
11,963
8,497
331
$1,716
4,879
$2,055
3,104
$2,755
183
$3,469
261 52 1 25 183 890 53 0 837 9,487 1,157 7,811 519 1,262 18 0 0 1 600 6 278 355 4 51 5 0 9 11 18 0 1 7 1 1 11 0 0 0 10 1
183 36 1 19 127 686 39 0 647 6,721 770 5,571 380 875 11 0 0 1 436 6 157 262 2 31 5 0 6 4 10 0 1 5 0 0 1 0 0 0 1 0
2 0 0 0 2 7 2 0 5 319 8 304
$1,400 $1,400 $1,486 $1,450 $1,500 $1,726 $1,469 $1,743
90 14 0 9 67 319 13 0 306 3,922 455 3,289
$1,737 $1,725 $1,554 $1,765 $1,880 $1,637 $1,890 $2,119 $1,905 $2,165
85 22 1 10 52 334 20 0 314 2,347 288 1,884
$2,158 $2,126 $1,950 $1,830 $2,239 $2,271 $1,961 $2,290 $2,930 $2,593 $3,050
6 0 0 0 6 26 4 0 22 133 19 94
$2,725 $2,725 $2,614 $1,919 $2,741 $3,795 $2,737 $4,267
7 3 0 0 0 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
$1,278 $1,400 $1,400 -
178 533 6 0 0 0 288 4 85 149 1 15 2 0 3 1 5 0 0 4 0 0 0 0 0 0 0 0
$1,829 $1,747 $1,814 $1,719 $1,675 $1,747 $1,802 $1,400 $1,663 $1,575 $1,333 $1,400 $1,860 $1,775 -
175 322 5 0 0 1 138 2 65 110 1 15 3 0 3 3 4 0 1 1 0 0 1 0 0 0 1 0
$2,183 $2,189 $2,160 $2,000 $2,151 $1,738 $2,212 $2,239 $1,800 $1,828 $1,850 $1,525 $1,767 $1,988 $1,850 $2,200 $2,000 $2,000 -
20 17 0 0 0 0 7 0 7 3 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0
$2,582 $2,591 $2,696 $2,482 $2,600 $1,800 $1,800 -
Rental Market Report, Second Quarter 2018
2
Toronto Real Estate Board APARTMENTS, SECOND QUARTER 2018 CITY OF TORONTO MUNICIPAL BREAKDOWN
SUMMARY OF RENTAL TRANSACTIONS All Apartments Total Listed 1 TREB Total City of Toronto Total Toronto West Toronto W01 Toronto W02 Toronto W03 Toronto W04 Toronto W05 Toronto W06 Toronto W07 Toronto W08 Toronto W09 Toronto W10 Toronto Central Toronto C01 Toronto C02 Toronto C03 Toronto C04 Toronto C06 Toronto C07 Toronto C08 Toronto C09 Toronto C10 Toronto C11 Toronto C12 Toronto C13 Toronto C14 Toronto C15 Toronto East Toronto E01 Toronto E02 Toronto E03 Toronto E04 Toronto E05 Toronto E06 Toronto E07 Toronto E08 Toronto E09 Toronto E10 Toronto E11
Total Leased 2
Bachelor
One-Bedroom
Two-Bedroom
Three-Bedroom
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
11,963 9,487 1,157 76
8,497 6,721 770 51
331 319 8 2
$1,716 $1,726 $1,469 $1,350
4,879 3,922 455 30
$2,055 $2,119 $1,905 $2,030
3,104 2,347 288 17
$2,755 $2,930 $2,593 $2,938
183 133 19 2
$3,469 $3,795 $2,737 $4,250
52 5 69 72 499 4 324 12 44 7,811 3,486 330 84 42 51 402 1,466 67 378 86 37 120 695 567 519 40 43 22 26 75 7 83 3 202 3 15
39 2 36 56 318 3 229 7 29 5,571 2,534 181 61 29 37 290 1,058 46 272 56 23 92 492 400 380 34 22 14 17 50 3 63 2 160 2 13
1 0 0 1 4 0 0 0 0 304 168 12 9 1 0 1 84 0 8 0 0 3 4 14 7 1 1 1 0 0 0 0 0 4 0 0
$1,650 $1,325 $1,520 $1,743 $1,780 $1,781 $1,441 $1,500 $1,550 $1,751 $1,681 $1,733 $1,575 $1,525 $1,278 $1,650 $175 $1,150 $1,493 -
24 2 22 38 172 2 149 1 15 3,289 1,534 105 23 12 22 132 636 17 177 31 10 46 267 277 178 25 9 6 8 19 2 29 0 74 1 5
$1,983 $2,000 $1,786 $1,802 $1,964 $1,748 $1,862 $1,750 $1,722 $2,165 $2,248 $2,390 $2,020 $2,414 $1,842 $2,021 $2,232 $2,330 $2,089 $1,760 $2,177 $1,843 $1,974 $1,880 $1,829 $2,275 $2,019 $1,783 $1,659 $1,730 $1,750 $1,694 $1,777 $1,700 $1,588
11 0 13 13 141 1 75 3 14 1,884 782 59 29 12 15 144 332 27 87 22 13 40 216 106 175 8 11 7 8 30 1 31 2 68 1 8
$2,655 $2,185 $2,321 $2,769 $2,500 $2,434 $2,100 $1,955 $3,050 $3,239 $4,345 $2,793 $3,070 $2,199 $2,594 $3,203 $3,319 $3,206 $2,345 $3,669 $2,280 $2,570 $2,409 $2,183 $3,463 $2,654 $2,020 $1,969 $2,079 $2,250 $2,001 $1,990 $2,179 $1,600 $1,853
3 0 1 4 1 0 5 3 0 94 50 5 0 4 0 13 6 2 0 3 0 3 5 3 20 0 1 0 1 1 0 3 0 14 0 0
$3,367 $1,750 $2,150 $3,850 $2,500 $2,233 $4,267 $4,298 $11,530 $3,550 $2,853 $5,283 $3,575 $2,000 $2,915 $3,326 $2,333 $2,582 $5,700 $2,400 $2,225 $1,967 $2,529 -
Rental Market Report, Second Quarter 2018
3
Toronto Real Estate Board TOWNHOUSES, SECOND QUARTER 2018 ALL TREB AREAS
SUMMARY OF RENTAL TRANSACTIONS All Apartments Total Listed 1 TREB Total Halton Region Burlington Halton Hills Milton Oakville Peel Region Brampton Caledon Mississauga City of Toronto Toronto West Toronto Central Toronto East York Region Aurora E. Gwillimbury Georgina King Markham Newmarket Richmond Hill Vaughan Whitchurch-Stouffville Durham Region Ajax Brock Clarington Oshawa Pickering Scugog Uxbridge Whitby Dufferin County Orangeville Simcoe County Adjala-Tosorontio Bradford West Gwillimbury Essa Innisfil New Tecumseth
Bachelor
Total Leased 2
One-Bedroom
Two-Bedroom
Three-Bedroom
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
985
665
3
1,650
45
1,907
287
2,186
330
2,462
94 15 0 6 73 238 43 1 194 458 122 263 73 169 9 0 0 0 112 5 17 25 1 26 4 0 2 5 10 0 0 5 0 0 0 0 0 0 0 0
76 14 0 4 58 172 30 1 141 285 69 165 51 116 4 0 0 0 83 3 9 17 0 16 3 0 1 4 6 0 0 2 0 0 0 0 0 0 0 0
0 0 0 0 0 1 0 0 1 2 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1,450 1,450 1,750 1,750 -
4 3 0 1 0 9 0 0 9 31 12 18 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1,736 1,698 1,850 1,597 1,597 2,021 1,790 2,162 2,250 1,850 1,850 -
46 7 0 1 38 44 8 1 35 133 40 78 15 61 1 0 0 0 47 0 4 9 0 3 0 0 0 0 2 0 0 1 0 0 0 0 0 0 0 0
1,884 1,914 1,850 1,879 1,998 1,794 1,800 2,050 2,512 2,189 2,765 2,054 1,863 1,975 1,813 1,935 2,081 1,733 1,700 1,800 -
26 4 0 2 20 118 22 0 96 119 17 67 35 54 3 0 0 0 36 3 5 7 0 13 3 0 1 4 4 0 0 1 0 0 0 0 0 0 0 0
2,267 1,963 1,800 2,374 2,287 1,965 2,361 2,904 2,936 3,229 2,266 2,133 1,900 2,117 1,727 2,242 2,414 1,753 1,695 1,950 1,650 1,858 1,725 -
Rental Market Report, Second Quarter 2018
4
Toronto Real Estate Board TOWNHOUSES, SECOND QUARTER 2018 CITY OF TORONTO MUNICIPAL BREAKDOWN
SUMMARY OF RENTAL TRANSACTIONS Bachelor
All Apartments Total Listed 1
Total Leased 2
One-Bedroom
Two-Bedroom
Three-Bedroom
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
Leased 2
Avg. Lease Rate3
985 458 122 12
665 285 69 8
3 2 0 0
$1,650 $1,750 -
45 31 12 2
$1,907 $2,021 $1,790 $1,812
287 133 40 4
$2,186 $2,512 $2,189 $2,538
330 119 17 2
$2,462 $2,904 $2,936 $3,400
Toronto W06 Toronto W07 Toronto W08 Toronto W09 Toronto W10
16 1 4 36 25 0 20 7 1
8 1 2 22 15 0 9 3 1
Toronto Central Toronto C01 Toronto C02 Toronto C03 Toronto C04 Toronto C06 Toronto C07 Toronto C08 Toronto C09 Toronto C10 Toronto C11 Toronto C12 Toronto C13 Toronto C14 Toronto C15 Toronto East Toronto E01 Toronto E02 Toronto E03 Toronto E04 Toronto E05 Toronto E06 Toronto E07 Toronto E08 Toronto E09 Toronto E10 Toronto E11
263 66 6 5 2 0 28 32 1 8 2 20 2 35 56 73 13 4 0 6 18 0 6 0 9 8 9
165 39 4 1 2 0 21 22 1 5 2 11 2 20 35 51 8 4 0 5 11 0 4 0 4 7 8
0 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
$1,750 $1,750 -
2 0 0 6 1 0 1 0 0 18 10 0 0 1 0 2 1 0 0 0 0 0 2 2 1 1 0 0 0 0 0 0 0 0 0 0
$1,875 $1,733 $1,800 $1,900 $2,162 $2,285 $1,890 $1,750 $3,000 $1,950 $1,888 $2,250 $2,250 -
3 1 1 15 10 0 5 1 0 78 24 3 0 1 0 12 13 1 5 1 1 2 7 8 15 4 3 0 0 0 0 0 0 2 1 5
$2,450 $2,650 $1,800 $1,934 $2,462 $1,980 $2,100 $2,765 $3,149 $4,167 $2,100 $2,253 $2,765 $3,275 $2,734 $1,949 $3,200 $1,863 $2,400 $2,485 $2,054 $2,350 $2,475 $2,000 $1,850 $1,626
3 0 1 1 4 0 3 2 1 67 5 1 1 0 0 7 6 0 0 1 10 0 11 25 35 3 1 0 5 11 0 4 0 2 6 3
$3,572 $2,195 $1,750 $3,450 $2,400 $2,650 $2,150 $3,229 $4,880 $4,800 $5,000 $3,064 $4,124 $2,900 $3,533 $3,432 $2,398 $2,266 $3,266 $2,700 $2,040 $2,205 $2,388 $2,225 $2,033 $2,050
TREB Total City of Toronto Total Toronto West Toronto W01 Toronto W02 Toronto W03 Toronto W04 Toronto W05
Rental Market Report, Second Quarter 2018
5
Toronto Real Estate Board Share of GTA Apartments In Rental 35.4% 27.5%
26.9% 21.6%
19.9%
Halton
Peel
Toronto
York
Durham
Source: CMHC, Rental Market Report
GTA Condo Apartment Vacancy Rate 1.5%
0.9% 0.7%
NOTES
0.5% 0.3%
Halton
Peel
Toronto
York
Durham
1 - Refers to the total number of rental units that were available during the reporting period. 2 - Refers to firm lease transactions entered in the TorontoMLS system between the first and last day of the reporting period. 3 - Refers to the average lease rate for firm lease transactions entered in the TREB MLS® system between the first and last day of the reporting period. 4 - Statistics Canada, Quarter-over-quarter annualized growth rate. 5 - Statistics Canada, Year-over-year growth rate. 6 - Bank of Canada, rates for most recently completed month.
Source: CMHC, Rental Market Report
Copyright® 2018 Toronto Real Estate Board
Rental Market Report, Second Quarter 2018
6
