Amidst the COVID-19 pandemic, realtors continue reporting the dwindling sale of condos in Toronto even as everything is dying down and, and the market recovers overall. The Toronto Regional Real Estate Board (TRREB), released data stating that throughout Q2-2020, only 3,459 condo apartments were sold in the Greater Toronto Area (GTA). When you compare that with the figures from Q2-2019, that amounted to a decline of 50.8%.
The rise in prices is not only for condo apartments. It also includes other sectors of the housing market, especially the detached home sector. In the GTA, year-over-year, the average selling price for condo apartments shot up to $619,707, a 5.1% increase in Q2-2020. Currently, the average value of a condominium in Toronto is $661,458. With Condo Mapper, a Toronto Condo Investment Specialist you can get a good listing for condos in the City of Toronto.
In a release that accompanied the Q2-2020 Condo Market Statistics report by the Toronto Regional Real Estate Board (TRREB), Lisa Patel, the TRREB President, mentioned the decline in listings and new sales of the condo market in Q2-2020. She attributed the decline experienced to the numerous public health actions taken to fight the COVID-19 pandemic and the subsequent economic decline.
Lisa Patel implied that the new listings and the dip in the sales were caused by potential buyers holding off on purchasing any condo apartment as COVID-19 spread across Canada. She also predicted that condominium sales would see improvement over the Q3 of this year based on the trends in the housing market. There are some really good listings of condo apartments in different neighborhoods in Toronto for sale like Regent Park condos for sale. So, if you’re hoping to make a good real estate investment, they’re your best bet.
The Chief Market Analyst of the Toronto Regional Real Estate Board (TRREB), Jason Mercer, on the other hand, said that the demand for condos would increase if there was quick and sustained economic recovery. However, he warned that improved listings of units held by investors might be fueled by lenient rental market conditions and the possibility of harsher guidelines on short-term rentals. According to him, more stable market conditions can moderately affect the price growth of condo apartments when compared to low-rise homes. Even though the condo apartment listings for purchase are down, the rental listings of condo apartments shot up by 42% over the last year.
Lisa Patel noted that the once unsustainable pace of the growth of rent in Toronto had been moderated by the growth in the listings when she said the demand for rental condos was affected by the pandemic. The loss of jobs and social restrictions, with limited viewings, affected most areas of the economy.
According to the Toronto Regional Real Estate Board (TRREB), during the Q2, you could rent a one-bedroom condo apartment in the Greater Toronto Area (GTA) for $2,083, which was a year-over-year dip of 5%. Over the same period, a two-bedroom condo apartment rent roughly dipped by 5.6%, reaching up to $2,713.