GTA sees double in condo rentals

Oct 23 2020, 8:52 am

In the Greater Toronto Area (GTA) more condominiums for rent are on the market in the third quarter of 2020. In fact, it’s more than doubled compared to last year.

According to a recent report by Toronto Regional Real Estate Board (TRREB) the GTA saw 14,036 condo apartment rentals in the third quarter — an increase of 30.2% compared to the same time last year.

“Demand for condo rentals was very strong in the third quarter, with a record number of quarterly transactions reported. However, during the same period, the number of units listed more than doubled compared to last year,” TRREB President Lisa Patel said in a release.

“Many investor-owners took their units out of the short-term rental market, due to stricter regulations and the COVID-19-related tourism downturn, and made them available in the traditional rental marketplace. The result was more choice and more negotiating power for renters.”

The report notes that the number of apartments listed for rent at some point during the third quarter was up by 113.9% compared to the same time in 2019.

The average one-bedroom condominium apartment rent was down by 11.1% year-over-year  to $2,012 compared to $2,262 in 2019.

And the average two-bedroom condominium apartment rent was down by 9.2% over the same time period to $2,672 compared to $2,941 last year.

TRREB

Apartment sales were also up by 10.5% and prices also increased for buying condo apartments.

The overall average condominium apartment selling price was up by 8.3% year-over-year in the third quarter to $633,484. The average selling price in the City of Toronto, at $680,963, was up by a similar rate over the same period.

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