Rental Market Report - TRREB

TRREB Releases 2022 Q4 Rental Market Statistics Average condominium apartment rents continued to increase by double-digit annual rates in the fourth quarter of 2022. However, while market conditions remained tight enough to support very strong rent growth, there was more balance in the rental marketplace compared to the same period a year earlier in 2021.

The number of condominium apartment rental transactions reported through the Toronto Regional Real Estate Board9s (TRREB) MLS® System was down on a yearover-year basis by 19.9 per cent in the fourth quarter of 2022. The number of rental listings was also down over the same period, but by a lesser annual rate of 11.8 per cent. The fact that the number of units leased was down by more than the number of units listed suggests that would-be renters benefitted from more choice compared to a year ago.

"Strong population growth based on record immigration and robust job creation across a diversity of economic sectors drove rental demand in 2022. In addition, aggressive interest rate hikes by the Bank of Canada impacted affordability for many households, prompting a shift from homeownership to rental. All of these factors will continue to support strong rental demand in 2023," said TRREB President Paul Baron.

The average rent for a one-bedroom condominium apartment increased by 19 per cent to $2,503 in the fourth quarter of 2022. Over the same period, the average two-bedroom rent increased by 14.1 per cent to $3,178.

"Tight rental market conditions and strong rent increases will be the norm more often than not for the foreseeable future. On one hand, we will continue to experience strong rental demand in the GTA based on solid fundamentals. On the other hand, the persistent supply shortage will continue to result in strong competition between wouldbe renters, exerting upward pressure on rents. The solution is no secret: we need to see new policies pointed on more supply to translate into shovels in the ground for many years to come," said TRREB Chief Market Analyst Jason Mercer.

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Additional Info

Field Value
Last Updated August 21, 2024, 02:20 (UTC)
Created April 4, 2023, 03:02 (UTC)
Domain / Topic
Domain or topic of the dataset being cataloged.
Housing
Format (CSV, XLS, TXT, PDF, etc)
File format of the dataset.
.pdf - application/pdf
Dataset Size
Dataset size in megabytes.
Metadata Identifier
Metadata identifier – can be used as the unique identifier for catalogue entry
Published Date
Published date of the dataset.
2023-01-31
Time Period Data Span (start date)
Start date of the data in the dataset.
Time Period Data Span (end date)
End date of time data in the dataset.
GeoSpatial Area Data Span
A spatial region or named place the dataset covers.
Ontario
Field Value
Access category
Type of access granted for the dataset (open, closed, service, etc).
Limits on use
Limits on use of data.
Location
Location of the dataset.
https://trreb.ca/index.php/market-news/rental-market-report
Data Service
Data service for accessing a dataset.
Owner
Owner of the dataset.
Contact Point
Who to contact regarding access?
TRREB
Publisher
Publisher of the dataset.
Publisher Email
Email of the publisher.
Author
Author of the dataset.
TRREB
Accessed At
Date the data and metadata was accessed.
2023-04-03
Field Value
Identifier
Unique identifier for the dataset.
Language
Language(s) of the dataset
English
Link to dataset description
A URL to an external document describing the dataset.
https://trreb.ca/index.php/market-news/rental-market-report
Persistent Identifier
Data is identified by a persistent identifier.
N/A
Globally Unique Identifier
Data is identified by a persistent and globally unique identifier.
N/A
Contains data about individuals
Does the data hold data about individuals?
No
Contains data about identifiable individuals
Does the data hold identifiable data about individual?
No
Contains Indigenous Data
Does the data hold data about Indigenous communities?
N/A
Field Value
Source
Source of the dataset.
https://trreb.ca/index.php/market-news/rental-market-report
Version notes
Version notes about the dataset.
Is version of another dataset
Link to dataset that it is a version of.
Other versions
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Provenance Text
Provenance Text of the data.
Provenance URL
Provenance URL of the data.
Temporal resolution
Describes how granular the date/time data in the dataset is.
GeoSpatial resolution in meters
Describes how granular (in meters) geospatial data is in the dataset.
GeoSpatial resolution (in regions)
Describes how granular (in regions) geospatial data is in the dataset.
City
Field Value
Indigenous Community Permission
Who holds the Indigenous Community Permission. Who to contact regarding access to a dataset that has data about Indigenous communities.
Community Permission
Community permission (who gave permission).
The Indigenous communities the dataset is about
Indigenous communities from which data is derived.
Field Value
Number of data rows
If tabular dataset, total number of rows.
Number of data columns
If tabular dataset, total number of unique columns.
Number of data cells
If tabular dataset, total number of cells with data.
Number of data relations
If RDF dataset, total number of triples.
Number of entities
If RDF dataset, total number of entities.
Number of data properties
If RDF dataset, total number of unique properties used by the triples.
Data quality
Describes the quality of the data in the dataset.
Metric for data quality
A metric used to measure the quality of the data, such as missing values or invalid formats.

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