Condo and Rental Sales in the Greater Toronto Area Skyrocketed in the Fourth Quarter While Prices Fell

If you were on the lookout for a Greater Toronto Area condo or apartment to rent or own late last year, new data from the region’s real estate board shows you might have had an edge in negotiations.

The number of condos listed for sale or rent in the area in the fourth quarter of 2020 was up by double and sometimes triple digits from the year before, while prices were down, according to two reports released by the Toronto Regional Real Estate Board on Wednesday.

“The increase in supply…resulted in much more choice and bargaining power for buyers and a moderate decline in average selling prices,” TRREB president Lisa Patel said in a statement.

TRREB Chairman Lisa Patel sees the market lean in favour of renters, as they have a lot of properties that have been on the market for weeks or months to choose from.

TRREB said condo and apartment sales in the quarter reached 6,469, up 20.7 percent compared to 5,358 in 2019. New listings climbed by almost 92 percent to hit 12,298, up from 6,407 in the year prior, while active listings doubled to reach 4,294.

The average selling price fell 1.1 percent to reach $610,044 in the quarter, down from $616,771 a year earlier. Average selling prices in the city of Toronto decreased 2.4 percent to $644,516.

The average one-bedroom condo rent unit was down by 16.5 percent year over year to $1,845 compared to $2,209. The average two-bedroom condo rent was down by 14.5 percent over the same time period to $2,453 compared to $2,868.

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