Average GTA condo rents increased $100 in June: Strata
The Greater Toronto Area housing market is recalibrating as buyers and sellers adjust their expectations and accept the “cooling terrain.”
According to data from Jenelle Tremblett, a real estate agent with Strata, just 2,050 condos changed hands in the GTA in June, a 51% drop from March.
The average cost of a condo in the region has fallen, too: now at $841 per square foot, prices have declined by more than $100 from the February peak.
In downtown Toronto, there were just 427 condo transactions in June, with buyer’s paying an average of $1,098 per square foot, a marked drop from February’s $1,201 average.
More than 2,800 listings were terminated in June, a 640% increase since January, as sellers vie for the right price.
The housing market has shifted in favour of the buyer, Tremblett said, as inventory spikes across the GTA. Buyers not only have more options, but are negotiating with a “renewed strength” the market has seen in more than six months.
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The rental market, however, “remains fierce.” Unlike the resale market, rental inventory has tumbled, hitting 47% below February’s peak last month.
The lack of supply is forcing prospective tenants to “compete that much more aggressively,” Tremblett said. Renters are paying, on average, 1% above the asking price.
In June, the average lease price in the GTA was $2,662 per month—a $100 increase from May. In downtown Toronto, the typical lease now runs $2,810 per month.
“It’s certainly a great market for landlords,” Tremblett said. “Tenants can expect some steep competition well into the summer as the student season is just beginning.”