Rent prices are dropping. There has been a lot of movement in the Toronto Rental Market whereby renters are moving because there’s so many rentals available that are newer and less expensive. The average price for condominium apartments in the downtown core…is $2224. Right now there are over 9000 properties available for rent – compare that to 4000 around the same time last year. And rent prices will continue to decline in my estimation.

Toronto rents drop in July 2020

2019-2020 Monthly Housing Sales in the GTA from Toronto Real Estate Board

Yet at the same time, National home sales in July post highest level of any month in history –marking the highest monthly sales figure on record going back more than 40 years. It’s Canada’s largest markets like Toronto and Vancouver that are showing the greatest increases. For instance, home sales rose by:

  • 5% in the Greater Toronto Area
  • 9% in Greater Vancouver
  • 1% in Montreal

A lot of this accounts to the pent up demand from the beginning of the pandemic, however, with the new normal of working more from home (need for home office), the uncertainty of children returning to school (need for play/learning space). Priorities have shifted to investing more into a better home for work, live and play.

 

Toronto Stats this Past week

MLS activity from August 12 to 18 for residential properties:

For sale right now:

7,242

Newly listed:

1,700

Sold:

505

Under Power of Sale (GTA):

18

 

Compare the above to the week before from August 5 to 11 when there were 7,057 for sale, 1,401 newly listed, 391 Sold & 19 under power of sale.