Strong Growth in Average Rents in Q2 2016

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1 TREB Member Inquiries: Rental Market Report () Media/Public Inquiries: Second Quarter Economic Indicators Real GDP Quarterly Q.% Toronto Employment Growth % Change Prev Month % Change.% Toronto Unemployment Rate.% Inflation Rate (Yr./Yr. CPI Growth) May.% Bank of Canada Overnight Rate.%.%.% Prime Rate Fixed Year Mortgage Rate Sources: Statistics Canada; Bank of Canada () Strong Growth in Average Rents in Q TORONTO, July, President Larry Cerqua announced that despite a decline in the number of condominium apartments listed for rent on TREB s MLS System in the second quarter of, the number of condo apartments rented remained similar on a yearoveryear basis down by only. per cent compared to the second quarter of. Greater Toronto Area REALTORS continued to facilitate a large number of rental transactions in the second quarter, as investorheld condo apartments remained an important component of the overall rental supply in the GTA. If the market had benefitted from more listings in Q, the number of rentals would have likely been above last year s level, said Mr. Cerqua. The average onebedroom condominium apartment rent was $, per month in the second quarter up by. per cent compared to the same period in. The average twobedroom rent was up by. per cent yearoveryear to $,. Yeartodate, total condominium apartment completions in the GTA were down compared to the same period in. This contributed to the decline in the number of apartments listed for rent on TREB s MLS system. However, the number of rental transactions remained similar to last year, suggesting that competition between renters increased, leading to strong growth in average rents, said Jason Mercer, TREB s Director of Market Analysis. Total TREB MLS Apartment Rentals,,, Q Q TREB MLS Avg. Bdrm. Apt. Rent, Rental Market Summary: Second Quarter Apartments,, All Bedroom Types Quarter Q Q Yr./Yr. % Chg. Listed,,.%,,.% (.%).% $, $,.%.% OneBedroom,, (.%).% TwoBedroom ThreeBedroom $,, $, $, $,, $, $,.%.% (.%).%.%.%(.%).%.%.% $, $, Townhouses,, All Bedroom Types Quarter Q Q Yr./Yr. % Chg. Listed.%.%.%.% $, $.% () OneBedroom.%.% $, $,.% () TwoBedroom.%.% ThreeBedroom $, $,.%.%.% $, $,.% Q Q

2 APARTMENTS, SECOND QUARTER ALL TREB AREAS Halton Region Burlington Halton Hills Milton Oakville Peel Region Brampton Caledon Mississauga City of Toronto York Region Aurora E. Gwillimbury Georgina King Markham Newmarket Richmond Hill Vaughan WhitchurchStouffville Durham Region Ajax Brock Clarington Oshawa Pickering Scugog Uxbridge Whitby Dufferin County Orangeville Simcoe County AdjalaTosorontio Bradford West Gwillimbury Essa Innisfil New Tecumseth OneBedroom TwoBedroom ThreeBedroom Total Listed Total Avg. Lease Rate Avg. Lease Rate Avg. Lease Rate Avg. Lease Rate,, $,, $,, $, $,,,,,,, $, $, $, $, $, $, $,,, $, $, $, $, $, $, $, $, $, $,,, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, Rental Market Report, Second Quarter

3 APARTMENTS, SECOND QUARTER CITY OF TORONTO MUNICIPAL BREAKDOWN Total Listed City of Toronto Total Toronto W Toronto W Toronto W Toronto W Toronto W Toronto W Toronto W Toronto W Toronto W Toronto W Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Total OneBedroom TwoBedroom ThreeBedroom Avg. Lease Rate Avg. Lease Rate Avg. Lease Rate Avg. Lease Rate,,,,, $, $, $,,, $, $, $, $,,, $, $, $, $, $, $, $, $,,,,,, $, $, $, $, $, $, $, $, $, $, $, $, $, $,,, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $,, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, Rental Market Report, Second Quarter

4 TOWNHOUSES, SECOND QUARTER ALL TREB AREAS Total Listed Halton Region Burlington Halton Hills Milton Oakville Peel Region Brampton Caledon Mississauga City of Toronto York Region Aurora E. Gwillimbury Georgina King Markham Newmarket Richmond Hill Vaughan WhitchurchStouffville Durham Region Ajax Brock Clarington Oshawa Pickering Scugog Uxbridge Whitby Dufferin County Orangeville Simcoe County AdjalaTosorontio Bradford West Gwillimbury Essa Innisfil New Tecumseth Total OneBedroom TwoBedroom ThreeBedroom Avg. Lease Rate Avg. Lease Rate Avg. Lease Rate Avg. Lease Rate,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Rental Market Report, Second Quarter

5 TOWNHOUSES, SECOND QUARTER CITY OF TORONTO MUNICIPAL BREAKDOWN Total Listed Total OneBedroom TwoBedroom ThreeBedroom Avg. Lease Rate Avg. Lease Rate Avg. Lease Rate Avg. Lease Rate $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, Toronto W Toronto W Toronto W Toronto W Toronto W Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E $, $, $, $, $, $, $, $, $, $, $, $, $ $ $ $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, $, City of Toronto Total Toronto W Toronto W Toronto W Toronto W Toronto W Rental Market Report, Second Quarter

6 Share of GTA Apartments In Rental.%.%.%.%.% Halton Peel Toronto York Durham Source: CMHC, Rental Market Report GTA Condo Apartment Vacancy Rate.%.%.%.% NOTES.% Halton Peel Toronto York Durham Refers to the total number of rental units that were available during the reporting period. Refers to firm lease transactions entered in the TorontoMLS system between the first and last day of the reporting period. 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. Statistics Canada, Quarteroverquarter annualized growth rate. Statistics Canada, Yearoveryear growth rate. Bank of Canada, rates for most recently completed month. Source: CMHC, Rental Market Report Copyright Rental Market Report, Second Quarter