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Urbanation UrbanRental Report – Q1 2022

Posted by Thomas on April 20, 2022
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On this page, you can find VIP Condos Toronto’s summary of Urbanation’s UrbanRental report for Q1 of 2022, with info on trends in the Greater Toronto Area’s rental housing market. VIP’s report will provide a summary of the report, along with access to the full version of Urbanation’s research:

Urbanation April 2022 Report - 1

Urbanation April 2022 Report - 2

Key Points:

  • Although declining 22% year-over-year due to a sharp reduction in supply, condo lease activity in Q1 was 50% above the decade average.
  • Despite relatively stronger growth in rents in the City of Toronto during the past year, the rent premium for the 416 vs. the 905 remained near an all-time low in Q1-2022 at 14%.
  • Active condo rental listings dropped 57% annually in Q1-2022.
  • Average condo rents were up 3.1% quarter-over-quarter, the largest Q4-to-Q1 increase recorded in Urbanation’s historical database going back to 2010 and more than three times faster than the typical seasonal increase.
  • At an average of $3.37 psf, average condo rents were up 15.8% since the Q1-2021 low of $2.91 psf and reached their highest level since Q4-2019 ($3.39 psf).
  • Vacancy rates in stabilized buildings completed since 2005 fell from a high of 6.4% in Q1-2021 to 1.8% in Q1-2022, nearly returning to the 1.0% level recorded before the pandemic.
  • The market appears to be in a strong position to absorb the multi-decade high of over 7,500 rental units scheduled for completion this year.

 

Click Here To Read Urbanation’s Full UrbanRental Report for Q1 of 2022

 

In order for you to use these market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:

  • How do I get my down payment?
  • Can I use my RRSP for my down payment?
  • How can I make the profits from my pre-construction purchases tax-free?
  • What type of home or mortgage can I afford?
  • Which incentives are available for first-time buyers?
  • What is a PDI?
  • What are the pros & cons of buying or selling an assignment before closing?

 We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA’s home & condo markets. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2022.

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