The Toronto rental market situation gets even uglier

When John Mercer said that the demand for rental housing in Toronto is outpacing demand, he wasn’t kidding and he certainly wasn’t exaggerating.

Mercer is the Toronto Real Estate Board’s director of market analysis and was quoted in a release about how the local rental market is heading skyward – in a big way. The TREB was discussing Q2 findings about rentals in Toronto listed on the MLS’s own rentals search tool (which isn’t a GREAT indicator, because let’s face it, it’s certainly not the best rental listings search tool out there). Anyway, the findings were pretty staggering:

http://www.torontorealestateboard.com/market_news/release_market_updates/news2015/nr_rental_report_Q2-2015.htm

There were 8,821 condo units rented out in TO in Q2 of 2015…

…compared to 7,333 in Q2 of 2014.

That’s an increase of 20.3%.

Whoa. But then, there’s this:

“For TREB’s market area as a whole, average rents for one-bedroom and two-bedroom apartments, which made up a combined 94 per cent of rental transactions, were up by 1.5 and 4.5 per cent respectively to $1,608 and $2,239.”

The SUPPLY of rental units on the market increased 23% year-over-year, and still, rental prices increased by somewhere around 1.5% to 4.5%.

Friends and fellow renters, let’s all come together in a giant, city-wide hug for mutual support through this painful and income-annihilating time in our lives.

Erin Cardone

Born on the Prairies, Erin Cardone grew up knowing there was more to life than canola fields and AAA Alberta Angus. So she escaped, living in Europe and Australia, white-knuckling it through plates of calf brains and raw horse meat, and learning languages she can't remember anymore. After a stint as a jaded, skeptical journalist, she changed tack and began writing rather awesome blogs and showing businesses that advertising is dead, so long live social media, with her businesses Legendary Social Media. She now splits her time between various Canadian cities, Costa Rica and wherever else the wind blows.

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