There is definitely a correlation between the temperature of the weather and the rental market in Canada and the USA. The hotter the temperature, the higher and more demand there is for rental units in the cities.
A rebound has occurred in metropolises such as Toronto and New York as rent prices, multiple offers and the rate of absorption are getting close to pre-covid times. I can certainly attest to this as the overwhelming majority the renters I am working with this season in both Toronto and New York have been relocating into the city for school and for work.
And when I look back at the weekly rental stats I’ve been posting on a weekly basis, Toronto was at an ultimate high on November 11th, 2020 with a total of 13,028 rental properties marketed on the MLS. This number has been on a steady decline and as of August 17, 2021, we are down to 5,283 rental properties now – that’s 60% less properties for rent today than 8 months ago!
Overall, good properties are rented within a day or two, and there are multiple offers, however the rent prices are still lower now than when they were pre-covid, and landlords remain extra cautious about choosing the right tenant.
Need some landlord or tenant advice? I’ve seen it all! So feel free to reach out to me anytime.
Toronto Stats this Past week
MLS activity from August 11 to 17 for residential properties:
Compare the above to the week before from August 4 to 10 when there were
4,875 for sale, 919 newly listed, 374 sold & 5,301 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
|$500k to $600k||$600k to $700k|
|$700k to $800k||$800k to $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.