Greater Toronto Area realtors reported 6,680 condominium apartment lease transactions during the first quarter of 2017, an increase of 3.5 per cent compared to the same period one year before, according to the Toronto Real Estate Board (TREB).

The number of condominium apartments listed for rent during Q1-2017 was up on a year-over-year basis as well, but by less than one per cent.

“As the population and, by extension, number of households continues to grow in the Greater Toronto Area, the demand for housing increases,” said Larry Cerqua, TREB president, in a press release. “Some of this demand is pointed at the rental market, including condominium apartments that owners have chosen to rent out to tenants. The problem is that the supply of units available for rent has not kept up with demand, leading to more competition between renters and strong upward pressure on average rents.”

The price to rent an average one-bedroom condominium apartment in the GTA climbed 7.8 per cent to $1,791, while the rent for an average two-bedroom unit increased by 6.8 per cent to $2,432.

“It is important to remember that the residential market meets the housing needs for a substantial number of GTA residents, including newcomers to Canada who choose to settle in this region,” added Jason Mercer, TREB’s director of market analysis. “As a result, the rental market often falls under the public policy lens. Policies pointed at the rental market should be based on solid empirical evidence and should not hamper the supply of rental listings, which has been the main issue impacting renters over the last year.”