Toronto Regional Real Estate Board

Revolutionizing the Toronto Rental Market: Rental Beast® and TRREB Unite to Empower REALTORS®

Retrieved on: 
Wednesday, November 8, 2023
Residential Building & Real Estate, Commercial Building & Real Estate, Other Technology, Technology, Construction & Property, Toronto Regional Real Estate Board, Housing, Greater Toronto Area, GTA, Environment, Growth, Database, Renting

In a landmark move that promises to reshape the Greater Toronto Area (GTA) rental market, Rental Beast® and the Toronto Regional Real Estate Board (TRREB), Canada’s largest real estate board, are bridging the gap between real estate professionals and the burgeoning rental market.

Key Points: 
  • In a landmark move that promises to reshape the Greater Toronto Area (GTA) rental market, Rental Beast® and the Toronto Regional Real Estate Board (TRREB), Canada’s largest real estate board, are bridging the gap between real estate professionals and the burgeoning rental market.
  • This is a strategic collaboration as Rental Beast works to create the largest marketplace for rental properties in Canada.
  • It also provides REALTORS® with valuable tools and resources to better serve renters and navigate the competitive GTA rental space.
  • TRREB’s 2023 Q3 Rental Market Report illustrates the urgency of this collaboration, showing a 22 percent increase in available rentals in recent months.

TRREB: Higher Borrowing Costs See Buyers Remain on Hold

Retrieved on: 
Thursday, November 2, 2023
Bank of Canada, Bank, Housing, Financial institution, HPI, Toronto Regional Real Estate Board, Greater Toronto Area, Office of the Superintendent of Financial Institutions, GTA, Superintendent, Environment, Uncertainty, Real estate, Cryptocurrency

“Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong.

Key Points: 
  • “Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong.
  • However, more of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term.
  • REALTORS® reported 4,646 GTA home sales through TRREB’s MLS® System in October 2023 – down 5.8 per cent compared to October 2022.
  • However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree,” said TRREB Chief Market Analyst Jason Mercer.

TRREB: More Supply in the Condo Market for Q3 2023

Retrieved on: 
Thursday, October 26, 2023
Toronto Regional Real Estate Board, GTA, City, Growth, Face, Property management

TORONTO, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The condominium apartment market became much more balanced over the past year.

Key Points: 
  • TORONTO, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The condominium apartment market became much more balanced over the past year.
  • While Q3 2023 condo apartment sales were up year-over-year, growth in listings far outstripped growth in sales.
  • There were 4,415 condominium apartment sales reported through TRREB’s MLS® System in Q3 2023 – up 6.2 per cent when compared to the same quarter in 2022.
  • “While condo market conditions have become more balanced over the past year-and-a-half, we will likely start to see a tightening in the market in the second half of 2024.

TRREB: Strong Population Growth Driving Rental Demand in Q3 2023

Retrieved on: 
Thursday, October 26, 2023
Toronto Regional Real Estate Board, GTA, Growth, Greater Toronto Area, Housing, Property management, Renting

Over 14,400 condominium apartments were leased through TRREB’s MLS® System in the third quarter of 2023, an increase of almost eight per cent compared to Q3 2022.

Key Points: 
  • Over 14,400 condominium apartments were leased through TRREB’s MLS® System in the third quarter of 2023, an increase of almost eight per cent compared to Q3 2022.
  • “Strong population growth and high borrowing costs continued to drive demand for GTA rental housing in the third quarter.
  • The average lease rate for a one-bedroom condominium apartment in Q3 2023 was $2,633 – up 6.1 per cent compared to Q2 2022.
  • The average lease rate for a two-bedroom condominium apartment in Q3 2023 was $3,430 – up 7.8 per cent compared to Q2 2022.

TRREB: High Interest Rates Impacting the Market, but Population Growth Will Soon Spur Demand

Retrieved on: 
Wednesday, October 4, 2023
Benchmark, Housing, GTA, Bank of Canada, Government, CREA, City, Toronto City Council, Composite, Ontario Real Estate Association, Toronto Regional Real Estate Board, HPI, Bank, Real estate

In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower.

Key Points: 
  • In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower.
  • This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.
  • REALTORS® reported 4,642 home sales through TRREB’s MLS® System in September 2023 – down 7.1 per cent compared to September 2022.
  • This could help offset the impact of high borrowing costs,” said TRREB Chief Market Analyst Jason Mercer.

TRREB Welcomes Council Decision to Request a Report to Study First Time Home Buyer Land Transfer Tax Rebate

Retrieved on: 
Wednesday, September 13, 2023
Transfer, Housing, Councillor, City, DiMichele, Toronto Regional Real Estate Board, Baron, Real estate transfer tax, Property management, Mail order

Property tax is a more equitable, stable and appropriate means of taxation for the city, rather than increasing the reliance on an unpredictable revenue source such as the Municipal Land Transfer Tax (MLTT).

Key Points: 
  • Property tax is a more equitable, stable and appropriate means of taxation for the city, rather than increasing the reliance on an unpredictable revenue source such as the Municipal Land Transfer Tax (MLTT).
  • “Our position has always been that the concept of a Land Transfer Tax doesn’t benefit homebuyers, due to the unfair nature of the tax which has to be paid upfront.
  • The introduction of an additional land transfer tax on these properties will deter those purchases or simply lead to higher rents, worsening the unaffordability crisis in the rental market.
  • The Toronto Regional Real Estate Board is Canada’s largest real estate board with over 73,000 residential and commercial professionals connecting people, property and communities.

TRREB: Higher Borrowing Costs Continue to Impact Housing Market in August

Retrieved on: 
Wednesday, September 6, 2023
Benchmark, Housing, Ontario Real Estate Association, Policy, Toronto, Tax, GTA, Bank of Canada, Government, CREA, City, DiMichele, Toronto Regional Real Estate Board, Greater Toronto Area, HPI, Bank, Population growth, Real estate, Property management

“Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area (GTA) and broader Greater Golden Horseshoe.

Key Points: 
  • “Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area (GTA) and broader Greater Golden Horseshoe.
  • Greater Toronto Area REALTORS® reported 5,294 sales in August 2023 – down by 5.2 per cent compared to August 2022.
  • “More balanced market conditions this summer compared to the tighter spring market resulted in selling prices hovering at last year’s levels and dipping slightly compared to July.
  • “While higher interest rates have certainly impacted affordability, the prospect of higher taxes will also hit households’ balance sheets, especially younger buyers with limited savings.

TRREB: GTA Real Estate Market More Balanced in July

Retrieved on: 
Thursday, August 3, 2023
Benchmark, Population growth, Housing, GTA, Public policy, Government, CREA, Bank, Economic development, Canadian Real Estate Association, Toronto Regional Real Estate Board, Growth, Federation, HPI, Real estate

On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up.

Key Points: 
  • On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up.
  • Compounding the impact of higher rates has been the persistent lack of listings for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
  • GTA REALTORS® reported 5,250 sales through TRREB’s MLS® System in July 2023, representing a 7.8 per cent increase compared to July 2022.
  • The Toronto Regional Real Estate Board is Canada’s largest real estate board with over 73,000 residential and commercial professionals connecting people, property and communities.

TRREB: Competition Continues Between Renters As Rental Listings And Rents Rise

Retrieved on: 
Thursday, July 13, 2023
GTA, Toronto Regional Real Estate Board, Growth, Housing, Self storage, Property management

Despite seeing an increase in the number of units listed for rent, competition between renters remained very strong.

Key Points: 
  • Despite seeing an increase in the number of units listed for rent, competition between renters remained very strong.
  • This competition underpinned higher average rents.
  • “As the population continues to grow at a record pace in the coming years, rental housing will be a key piece of the overall housing puzzle.
  • “It was encouraging to see strong growth in the number of condo rental listings.

TRREB: Condo Sales in the GTA Climb While New Listings and Prices Drop

Retrieved on: 
Thursday, July 13, 2023
Toronto Regional Real Estate Board, City, Ipsos, Property management

Sales were up strongly on a year-over-year basis, whereas the number of new listings was down sharply.

Key Points: 
  • Sales were up strongly on a year-over-year basis, whereas the number of new listings was down sharply.
  • With more competition between buyers, average condominium apartment selling prices should climb above last year’s levels in the second half of this year.
  • “Strong population growth and an extremely competitive rental market have resulted in an increase in condominium apartment sales over the past year.
  • This goes a long way to explaining why condo sales have increased over the past year,” said TRREB Chief Market Analyst Jason Mercer.