Here are the highlights from TRREB’s Rental Market Report:
Rented: 14,036 condominium apartment rentals through TRREB’s MLS® System during the third quarter 2020. This was an increase of 30.2% over Q3 2019.
*this is a tremendous amount of activity in the rental market. Also note, these numbers do not account for any rental transactions that may have taken place informally through: private contracts, Facebook market place, Kijiji, Craigslist and others – the actual numbers are higher
Listed: The number of condominium apartments listed for rent at some point during Q3 2020 was up by 113.9% compared to Q3 2019.
Demand for condo rentals was very strong in the third quarter, with a record number of quarterly transactions reported.
However, during the same period, the number of units listed more than doubled compared to last year. Many investor-owners took their units out of the short-term rental market, due to stricter regulations and the COVID-19-related tourism downturn, and made them available in the traditional rental marketplace. The result was more choice and more negotiating power for renters
The average one-bedroom condominium apartment rent was $2,012 down by 11.1% year-over-year
The average two-bedroom condominium apartment rent was $2,672 down by 9.2%
The demand for condo rentals remained very strong in Q3 as the economy experienced a substantial rebound.
However, this demand was overshadowed by the very rapid rise in rental listings.
Even if rental transactions remain at or near record levels, it will take some time for the added supply to be absorbed. Once we move into the post-COVID period, population growth from immigration and non-permanent residents will bolster rental demand and absorption
It is important to note that last week, the federal government announced aggressive immigration targets for the next 3 years and are starting to allow immigrants back in 2020 and international students have started to return as well
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