Condo leases are up by 3.5 per cent versus the same time last year, according to the Toronto Real Estate Board.
Roughly 6,680 lease transactions took place in the first quarter of 2017.
The number of condominium apartments listed for rent at some point during the first quarter was up on a year-over-year basis, but by less than one per cent.
“As the population and, by extension, number of households continues to grow in the Greater Toronto Area, the demand for housing increases,” said TREB president Larry Cerqua.
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“Some of this demand is pointed at the rental market, including condominium apartments that owners have chosen to rent out to tenants. The problem is that the supply of units available for rent has not kept up with demand, leading to more competition between renters and strong upward pressure on average rents.”
The average one-bedroom condo apartment rent for the TREB market overall was up by 7.8 per cent to $1,791, while the average two-bedroom rent was up by 6.8 per cent to $2,432.
TREB’s director of market analysis Jason Mercer says it’s important to remember the rental market meets the housing needs for a substantial number of GTA residents, including newcomers.
“As a result, the rental market often falls under the public policy lens,” said Mercer.
“Policies pointed at the rental market should be based on solid empirical evidence and should not hamper the supply of rental listings, which has been the main issue impacting renters over the last year.”