Normally by now, my job as a realtor winds down and my focus goes to holiday parties, and wrapping presents. Normally by now, rentals slow down. But this year has been anything but normal. Hence, I remain busy helping landlords and renters well into the holidays.
Last year, this time, real estate analysts were reporting an 8% year-over-year increase in average rent prices across the City of Toronto. [Instead] Toronto rents were down a staggering 20%, year-over-year, in November of 2020. [*]
To put things into perspective, if you are looking to rent:
…you’d be saving an average $520 per month if you rented a place in Toronto right now versus if you signed a lease last year at this time. [*]
As a renter or buyer: Will it better to rent for less or to buy while the interest rates are so low?
As a property owner: Will it be better to lease for the long term or cash out while the market is hot?
My answer to you: it really depends on your location and circumstance.
If you’re a renter, just because the overall prices are down on average 20% doesn’t mean you can demand 20% decrease in your rent.
If you’re a landlord, your property may be worth holding on to, or selling so you can buy two more properties to increase or diverse your portfolio.
Whether you’re a property owner, seller, renter or buyer, you need to be strategically positioned as the dust settles in 2021. Need some help? Feel free to call me and we can have a quick consult on your current situation.
Toronto Stats this Past week
MLS activity from December 9 to 15 for residential properties:
Compare the above to the week before from December 2 to 8 when there were
6,859 for sale, 738 newly listed, 391 sold & 12,234 for rent.
TODAY’S NEWEST LISTINGS
TORONTO HOUSES FOR SALE
|Under $950k||$950k to $1.2M||$1.2M to $1.6M|
|$1.6M to $2M||$2M to 3M||Over $3M|
TORONTO CONDOS FOR SALE
|Under $500k||$500k to $600k||$600k to $700k|
|$700k to $800k||$800k to $1M||Over $1M|
|GTA Fixer Uppers||Ontario Foreclosures||Map Search|
(Email or call me directly for specific sold or off-market properties)
If you would like me to look up any other numbers for you, just call or text me 647-804-8601.
Let me know how I can help with your (RE)search.