Estimated reading time: 4 minutes
Real estate data shows a housing market churning in deep turmoil. Do you think buyers and renters have the upper hand during the pandemic?
Welcome to the Ontario condominium real estate data segment of my condo home library, the Condorary.
Table of Contents
You may agree that most investment analysis seems to cover real estate in Canada as a whole excluding condominium housing. The Ontario outlook is mainly on the Greater Toronto Area (GTA) and Ottawa where the largest numbers of condominiums are found. You might find searching the real estate listings in other provincial areas can act as reasonable housing market guidelines.
Trends by the Toronto Regional Real Estate Board
Toronto Regional Real Estate Board President Lisa Patel announced that third quarter 2020 condominium apartment sales reported by Greater Toronto Area REALTORS® totalled 7,072 – up 10.5 per cent from Q3 2019. The number of new listings in Q3 2020 amounted to 17,613 – an 84.6 per cent increase over Q3 2019. Active listings at the end of Q3 were more than double that reported the same time last year.Source: © Toronto Regional Real Estate Board
Toronto Regional Real Estate Board President Lisa Patel announced that Greater Toronto Area REALTORS® reported 14,036 condominium apartment rentals through TRREB’s MLS® System during the third quarter 2020. This was an increase of 30.2 per cent over Q3 2019.Source: © Toronto Regional Real Estate Board
The number of condominium apartments listed for rent at some point during Q3 2020 was up by 113.9 per cent compared to Q3 2019.
Visit the TRREB Video Library for an in-depth understanding of what is happening today and over the last 9 years by examining it’s real estate data.
Analysis by Shaun Hildebrand
The total number of new condominium apartment sales in the GTA increased 30% year-over-year in Q3-2020 to 6,370 units, reaching a record high for third quarter activity. However, after sales in the second quarter declined to a 10-year low, total year-to-date sales were down 22% annually to 13,454 units, 13% below the 10-year average (15,451 units). Activity in Q3 was concentrated in the 905 Region, where sales grew 106% from a year ago to 3,834 units, while City of Toronto sales declined 16% to 2,536 units.Source: Shaun Hildebrand, © Copyright 2019 Urbanation Inc.
Insights by John Pasalis
Anyone looking to rent a condo apartment in the Toronto area is seeing two important trends right now: one, there are a lot of units to choose from, and two, rents keep falling every week.Source: John Pasalis, © Copyright 2020 Realosophy Realty Inc. Brokerage
Bubble like appreciation in Toronto’s suburbs – when will Toronto’s condo market recover – new federal foreign buyer tax.Source: John Pasalis, © Copyright 2020 Realosophy Realty Inc. Brokerage.
Read The Best and Worst Performing Condos Today article instead.
Data with Ben Myers
The average rent for all Canadian properties listed on Rentals.ca in October was $1,782 per month, down 8.1% annually, but up 0.7% from September 2020.Source: Ben Myers, © 2020 Rentals.ca
Interviews at BNN Bloomberg
Ontario Condominium Marketplace
Are you looking for condos for sale in Ontario or condos for rent in Toronto to find somewhere to live? Are you checking on market prices for condos to buy 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 updating there were approximately 6,568 condominium suites listed for sale and 10,758 condos for rent in Ontario. Go see the choice for yourself!
Property Tax Assessment
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
The MPAC Video Library contains further insights into property taxation and the organization.