![[Toyota Times] Century as a Brand, Lexus as Innovation: All the Details on Toyota's New Project!](https://businessfortnight.com/wp-content/uploads/2025/10/Toyota-Times-Century-as-a-Brand-Lexus-as-Innovation-All-218x150.jpg "[Toyota Times] Century as a Brand, Lexus as Innovation: All the Details on Toyota's New Project!")
TORONTO, Oct. 27, 2022 (GLOBE NEWSWIRE) — Double-digit year-over-year lease will increase continued to be the norm in Q3 2022. With many would-be first-time consumers quickly on the sidelines within the Greater Toronto Area (GTA) as a consequence of increased borrowing prices, rental demand has remained robust within the face of falling provide. Competition for apartment leases has intensified because of this, and negotiated rents have elevated dramatically.
There have been 13,366 apartment condominium rental transactions reported by the Toronto Regional Real Estate Board’s (TRREB) MLS® System in Q3 2022, representing a 17.3 per cent decline in comparison with Q3 2021. However, much like the second quarter, the quantity of rental models listed was down by a higher annual price of 25.6 per cent. This signifies that it turned tougher for renters to discover a unit to satisfy their housing wants in comparison with a 12 months in the past.
“Immigration into the GTA plus non-permanent migration for school and temporary employment have all picked up markedly. Add to this the impact of higher borrowing costs on the ownership market and it becomes clear that the demand for rental housing remains strong for the foreseeable future. Investor-owned condos have been an important component of the rental stock for more than a decade. However, the decline in rental listings over the past year are a further warning sign to policymakers that the overall lack of housing in the region extends to the rental market as well,” mentioned TRREB President, Kevin Crigger.
The common one-bedroom condominium condominium lease in Q3 2022 was up by 20.4 per cent year-over-year to $2,481. The common two-bedroom condominium lease at 3,184 was up by 14.5 per cent in comparison with the identical interval in 2021.
“Rental housing is an increasingly important piece of the housing puzzle. While investor-owned condo units have been an important source of supply, current tight market conditions and double-digit average rent growth point to the need for additional purpose-built stock — the construction of which has been lacking in recent years,” mentioned TRREB’s Chief Market Analyst, Jason Mercer.
| Rental Market Summary: Third Quarter 2022 | ||||||||||||||||||||
| Apartments | ||||||||||||||||||||
| All Bedroom Types |
Bachelor |
One-Bedroom |
Two-Bedroom |
Three-Bedroom |
||||||||||||||||
| Listed | Leased | Leased | Avg. Rent |
Leased | Avg. Rent |
Leased | Avg. Rent |
Leased | Avg. Rent |
|||||||||||
| Q3 2022 | 17,371 | 13,366 | 596 | $2,057 | 7,432 | $2,481 | 4,908 | $3,184 | 430 | $4,139 | ||||||||||
| Q3 2021 | 23,362 | 16,154 | 732 | $1,696 | 9,437 | $2,061 | 5,535 | $2,780 | 450 | $3,731 | ||||||||||
| Yr./Yr. % Chg. | -25.6% | -17.3% | -18.6% | 21.3% | -21.2% | 20.4% | -11.3% | 14.5% | -4.4% | 10.9% | ||||||||||
| Townhouses | ||||||||||||||||||||
| All Bedroom Types |
Bachelor |
One-Bedroom |
Two-Bedroom |
Three-Bedroom |
||||||||||||||||
| Listed | Leased | Leased | Avg. Rent |
Leased | Avg. Rent |
Leased | Avg. Rent |
Leased | Avg. Rent |
|||||||||||
| Q3 2022 | 1,633 | 1,050 | 6 | $1,892 | 94 | $2,261 | 438 | $2,864 | 512 | $3,366 | ||||||||||
| Q3 2021 | 1,718 | 1,023 | 8 | $1,825 | 101 | $1,911 | 461 | $2,590 | 453 | $2,991 | ||||||||||
| Yr./Yr. % Chg. | -4.9 | 2.6% | -25.0% | 3.7% | -6.9% | 18.3% | -5.0% | 10.6% | 13.0% | 12.6% | ||||||||||
FOR THE FULL REPORT, CLICK HERE.
Media Inquiries: Genevieve Grant, Manager, Public Affairs [email protected] 416-443-8159
The Toronto Regional Real Estate Board is Canada’s largest actual property board with greater than 70,000 residential and
business professionals connecting folks, property and communities.
