Economic Indicators Strong Average Rent Growth Continued in Q4 2017

Transcription

1 TREB Member Inquiries: Rental Market Report () Media/Public Inquiries: Fourth Quarter () Economic Indicators Strong Average Rent Growth Continued in Q Real GDP Quarterly Q.% Toronto Employment Growth % Change Prev Month The average rent for onebedroom condominium apartments in the TREB market area was up by. per cent on an annual basis to $, in Q. The average twobedroom condominium apartment rent was up by. per cent over the same period to $,..% As the population in the GTA continues to grow, so too does the demand for rental accommodation. The problem is that rental supply has not kept up with the increase in demand in recent years. The result has been low vacancy rates and intense competition between renters for available units. This competition has underpinned very strong growth in average rents, said Mr. Syrianos. Inflation Rate (Yr./Yr. CPI Growth) November Prime Rate Fixed Year Mortgage Rate,, Q Q.% Bank of Canada Overnight Rate Total TREB MLS Apartment Rentals, % Change.% Toronto Unemployment Rate TORONTO, ONTARIO, January, President Tim Syrianos announced that average rents for onebedroom and twobedroom condominium apartment rents were up very strongly on a yearoveryear basis in the fourth quarter of, based on transactions reported by Greater Toronto REALTORS through TREB s MLS System. The number of condominium apartments listed during the fourth quarter was down by. per cent compared to Q. The number of units leased was down by. per cent. Because the vacancy rate was less than one per cent for condominium apartments in the fall of, a dip in the number of apartments listed for rent translated through into a dip in the number of lease.% agreements signed. Looking forward, we continue to have concerns that rent control legislation announced in.% conjunction with the Ontario Fair Housing Plan will preclude additional rental supply coming on stream, both in the purposebuilt and investorheld condominium apartment segments. Going further, it is possible that current owners of condominium apartments could choose to list their units for sale to take advantage of recent price gains rather than rent their units to tenants under.% the new rent control regime, said Jason Mercer, TREB s Director of Market Analysis. Sources: Statistics Canada; Bank of Canada TREB MLS Avg. Bdrm. Apt. Rent, Rental Market Summary: Fourth 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, FOURTH 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, Fourth Quarter

3 APARTMENTS, FOURTH 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, Fourth Quarter

4 TOWNHOUSES, FOURTH 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, Fourth Quarter

5 TOWNHOUSES, FOURTH 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, Fourth 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, Fourth Quarter