Estimated reading time: 5 minutes
The ultimate guide to condominium real estate data in Ontario. Top 4 housing market analysts crunch the numbers and spit them out.
“In ancient times they had no statistics so they had to fall back on lies.” – Stephen Leacock (1869 – 1944), Economist
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 including 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
Year-over-year growth in first quarter 2021 condominium apartment sales well outstripped growth in listings over the same period in the Greater Toronto Area (GTA). With market conditions tightening, average condo prices for Q1 2021 were above the averages for Q1 2020 for the regions surrounding the City of Toronto. The average condo selling price in Toronto remained below last year’s level.Source: © Toronto Regional Real Estate Board
In the first quarter of 2021, average condominium apartment rents were down on a year-over-year basis, continuing to reflect a supply imbalance in favour of renters. However, year-over-year growth in rental transactions outstripped growth in the number of units listed over the same period, suggesting that rental market conditions are starting to tighten in the Greater Toronto Area (GTA) once again.Source: © Toronto Regional Real Estate Board
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 Greater Toronto Area totaled 5,385 units in the first quarter of 2021, coming within close range (-4%) of pre-pandemic sales of 5,593 units in Q1-2020 and surpassing the 10-year average of 4,924 sales. The 2020 theme of 905 region market dominance shifted during the first quarter as momentum swung back to downtown Toronto. The 2,886 new condominium units sold in the former City of Toronto was more than 2.5 times higher than the quarterly average between Q2- and Q4-2020 and above the pre-pandemic level of 2,829 sales in Q1-2020.Source: Shaun Hildebrand, © Copyright 2021 Urbanation Inc.
Insights by John Pasalis
In last month’s report, I discussed how, in the wake of the Covid-19 pandemic, we saw a significant increase in the share of investors who were selling their Toronto condos due to a decline in both prices and rents, as residents fled the city core amidst widespread office, workplace and school closures. This trend gradually began to decline as prices started to rise again due to a boom in downtown condo sales that began in December 2020 and continued to surge during the first quarter of 2021. Sales in the City of Toronto for the first quarter were up 74% over last year and the share of units selling for over the asking prices ended the quarter at just under 60%.Source: John Pasalis, © Copyright 2021 Realosophy Realty Inc. Brokerage
Most discussions about investor behaviour in Toronto’s condo market focus on the number of investors entering the market at any given point in time. We rarely see any commentary or analysis on the number of investors exiting the market by selling their units and how that might change from one year to the next.Source: John Pasalis, © Copyright 2021 Realosophy Realty Inc. Brokerage
Data with Ben Myers
The average rent for all Canadian properties listed for rent on Rentals.ca in April 2021 was $1,675 per month, an annual decline of 9% and a monthly decline of 1%. The median rental rate was $1,600 per month in April, a 13% decrease from a year earlier, and a monthly decline of 2%.Source: Ben Myers, © 2020 Rentals.ca
The COVID-19 pandemic has been with us more than a year now and has had a dramatic impact on the rental market in Canada. With few immigrants, few students moving close to school, and few recent graduates moving closer to their first jobs, demand has fallen dramatically.Source: Ben Myers, © 2020 Rentals.ca
Add a feverish resale housing market brought on by low borrowing costs, and people reassessing their living conditions in the work-from-home era, we are in the middle of the biggest housing shake-up in our nation’s history.
Based on listings on Rentals.ca, the average rent for all Canadian properties in March was $1,685, a continued slide from February, and an annual decrease of $157 per month (-8.5% year over year) from March 2020.
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 5,835 condominium suites listed for sale and 6,555 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.