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 Real Estate Data 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 sales reported through TRREB’s MLS® System by Greater Toronto Area REALTORS® amounted to 11,083 – a new record for the month of September. This result was up by 42.3 per cent compared to September 2019.
Source: © Toronto Regional Real Estate Board
Video
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
Vacancy Rates Rise While Rents Continue to Decline
Urbanation’s survey of newer purpose-built rental apartment projects that have been completed in the GTA since 2005 reported a vacancy rate of 2.4% in Q3-2020, which was three times higher than in Q3-2019 (0.8%) and the first time vacancy rates surpassed 2% in the GTA in 10 years. Within the former City of Toronto (mainly representing the downtown and midtown markets), vacancy rates increased to 2.8% from 0.7% a year ago.
Source: Shaun Hildebrand, © Copyright 2019 Urbanation Inc.
Insights by John Pasalis
Why Are Condo Units for Rent Surging in Toronto
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.
Video
Data with Ben Myers
The average rent for all Canadian properties listed on Rentals.ca in August was $1,769 per month, down 7.6% annually.
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 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.
Ontario Condos For Sale or Rent
At the time of writing there were approximately 8,694 condominium suites listed for sale and 10,712 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?
Municipal Property Assessment Corporation
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.
Helpful Links
Condominium Law Practices Chit-Chat – Qtr4/20
Condominium Real Estate Data – Qtr2/20
Condominium Real Estate Governance – Qtr4/20
Condominium Real Estate Life – Qtr3/20
Home – Ontario Condominium Culture