GTA Condo Market Sees Resurgence Compared to Last Year
TORONTO, ONTARIO, October 29, 2021 — The condominium apartment market has experienced strong growth in 2021 and this continued in the third quarter. Sales in Q3 were up substantially compared to the same period last year. In addition, the condo inventory that built up during the initial phases of COVID has been more than absorbed with listings down significantly compared to last year. The result has been the resumption of seller’s market conditions, and above-inflation price increases relative to 2020.
GTA Rental Prices Surge While Rental Listings Drop Dramatically
TORONTO, ONTARIO, October 29, 2021 — Accelerating economic recovery from the pandemic has spurred renewed demand for rental accommodation in 2021. In the third quarter, there was a double-digit increase in the number of condominium apartment rental transactions reported through the Toronto Regional Real Estate Board’s (TRREB) MLS® System. Over the same period, tightening market conditions resulted in an increase in average rents across all unit types.