But it’s also important to review rental market statistics with an eye on their various subsections.
The Toronto Regional Real Estate Board registered 13,168 leases in the GTA during the first quarter of 2021, predominantly in private dwellings comprising apartment condominiums and low-rise housing.
Almost twice as many leases were recorded in the first quarter this year than during the first quarter of 2019.
Average rents were down across all market segments, but differentiated by size, such that smaller dwellings reported the highest year-over-year decline.
The increase in rental listings has so far helped ease pressure on vacancy rates, which almost doubled across all regions in the GTA during the first quarter of 2021 compared to the first quarter of 2020.
Bullpen Research & Consulting produces a Canada-wide monthly rental market report based on data reported by Rentals.ca.
What does it all indicate for the summer? Rental housing market activity will be driven by expectations about the economic recovery, demographic shifts and a loosening of mobility and assembly restrictions.
The growing economy will drive a demand for workers and is likely to open doors for immigrants who have been waiting for a green signal to relocate here.
The likely scenario of higher demand for rental housing in the next few months is expected to put pressure on rents if new listings cannot keep pace with the demand.
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