What was the state of the condominium real estate market in Ontario just before COVID-19, the coronavirus, infected it’s lungs and sucked the breath out of it?
Welcome to the Ontario condominium real estate data segment of my condo home library, the Condorary.
All condo owners knowingly have a real estate investment and may usually have an interest in the fluctuating value of their property. Generally, most investment analysis seems to cover real estate in Canada as a whole excluding a separate focus on condominium housing. The Ontario outlook is mainly on the Greater Toronto Area (GTA) and Ottawa where the largest numbers of condominiums are found. For other areas in the province, following the for sale and for rent listings act as housing market guidelines.
“Inside this report, you will find new and exciting evidence-based research, consumer intentions, market overviews and forecasts, with each section digging deep behind the numbers. In addition, the 2019 market year and outlook for 2020 section presents readers with an opportunity to better understand the market.” Source: Michael Collins © Toronto Regional Real Estate Board
TRREB Feature Video – Market Report March 2020 (3:58)
Visit the TRREB Video Library for an in-depth understanding of what is happening in real estate today and over the last 9 years.
Total lease transactions in the GTA condominium market grew 16% year-over-year during Q1-2020 to reach 7,002 units — the highest first quarter total on record. However, in measuring the performance of the market in the pre-COVID-19 and post-COVID-19 periods (the start of the post-COVID-19 period being the week beginning March 16), there was a clear shift in activity. Source: Shaun Hildebrand, © Copyright 2019 Urbanation
The average rent for a condo across the Toronto area is down, while units for rent climb. Source: John Pasalis, © Copyright 2020 Realosophy Realty Inc. Brokerage
Are you looking for condo units for sale or condos for rent to find somewhere to live? Are you checking on market prices for condos for sale or condo rentals as a simple matter of interest? No matter the reason, finding condominium listings and prices province-wide below may help answer your questions.
At the time of writing there were approximately 6,100 condominium suites listed for sale and 4,700 condo rentals in Ontario. Go see the choice!
The privilege of having title (ownership) to a condo is accepted in society by the payment of a property tax. Have you ever wonder how your property taxes and those of your neighbours are calculated?
Every four years, MPAC assesses your property’s value. In 2016, MPAC updated the assessed values of every property in Ontario. All properties will have a legislated valuation date of January 1, 2016 that will be used for the 2017-2020 property tax years. Our assessors are trained experts in the field of valuation and apply appraisal industry standards and best practices. Source: © 2020 MPAC.
Feature Video – MPAC’s 2017-2020 Strategic Plan (4:32)
The MPAC Video Library contains further insights into property taxation.