Estimated reading time: 4 minutes
The ultimate guide to condominium real estate data in Ontario. Find answers from housing market experts sharing statistics and analysis.
Table of Contents
Welcome to the Ontario condominium real estate data segment of my condo home library, the Condorary.
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
Fourth quarter 2020 condominium apartment sales reported by Greater Toronto Area REALTORS® totalled 6,469 – up 20.7 per cent compared to 5,358 in Q4 2019. The number of new listings in Q4 2020 amounted to 12,298 – a 91.9 per cent increase over Q4 2019. Active listings totalling 4,294 at the end of Q4 were more than double that reported at the end of Q4 2019.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
New condominium apartment sales in the GTA declined 28% in 2020 to 18,247 units, the lowest annual total since 2013 and 15% below the 10-year average (21,421). Sales remained in line with new launches of 18,004 units last year, down from 25,296 launches in 2019. The 4,642 new condominium units sold in Q4-2020 was down 43% year-over-year and 22% below the 10-year Q4 average (5,960). However, a record third quarter brought total units sold during the second half of the year to 11,031 units, above the 10-year average of 10,491 units for second half sales.Source: Shaun Hildebrand, © Copyright 2019 Urbanation Inc.
Insights by John Pasalis
Turning to the Toronto area condominium (condo) market, sales for condos were up 52% over last year continuing a rebounding trend that began in December (see ‘The Data Dive’ in this report). 48% of Toronto area condos sold for more than the seller’s asking price. Year-over-year average condo prices fell in 2020, but since then have recovered with the average condo price last month now the same year-over-year. The MOI for condos is perhaps most indicative of this turnaround, having decreased from 3.5 in November (a balanced market) to 0.8 in February (a seller’s market).Source: John Pasalis, © Copyright 2021 Realosophy Realty Inc. Brokerage
Data with Ben Myers
The average rent for all Canadian properties listed on Rentals.ca in January of 2021 was $1,714 per month, down 8.7% annually. The Canadian rental market continued its downtrend to start the new year. The January 2021 decline is slightly worse than the average decline in the second half of 2020 of 8.5%. On a monthly basis, rent was down 0.5% from $1,723 per month.Source: Ben Myers, © 2020 Rentals.ca
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 to purchase / sell or rentals as a simple matter of interest? No matter the reason, finding housing listings and prices province-wide below may help answer your questions.
At the time of updating there were approximately 4,852 condominium suites listed for sale and 7,754 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.