Toronto, the capital of Ontario and a major Canadian city, is a dynamic and metropolitan city. It has a lot to offer that appeals to people all over the world, not just Canadians. And some people become so accustomed to the city that they wish to live there indefinitely.
That is one of the reasons why the Toronto real estate market is so hot. If you are planning to purchase a condo apartment in Toronto, you should first understand the city’s housing market. The condo apartments in the Toronto housing market grew steadily in the year 2021 until the third quarter. When compared to the same period last year, a sales increase has been recorded.
Furthermore, the condominium apartments that were built during the initial period of COVID-19 have now been resumed in accordance with the Toronto real estate market conditions, taking into account the inflation gap over a year.
In the GTA (Greater Toronto Area), over 7,000 condo units will be available for purchase through the TRREB (Toronto Regional Real Estate Board) system in 2021. In addition, real estate results increased by 10.6% when compared to the same period last year. The Toronto housing market report saw a 31% decrease in new listings, implying that buyers in the Toronto real estate market face stiff competition.
When compared to the previous year, the Toronto condo market has made a dramatic comeback. 2020 was one of the few years when buyers were seen sitting on the sidelines due to economic uncertainty. But, thankfully, economic prospects are improving this year, and many buyers are expanding their search for property.
The average home price in Toronto for a condo apartment is around CA$689,831, up 8.9% from 2020, expanding the scope of the Toronto real estate market.
According to the current market conditions, condo apartments in Toronto are attracting the low-rise market segment. However, if demand exceeds supply, which is a distinct possibility given the expected acceleration in population growth in the coming year, the annual rate of price rise could accelerate as we approach 2022, according to TRREB reports.
Ontario Real Estate Market
The Ontario housing market performed admirably in September 2021, with most markets experiencing a significant increase in sold prices and sales. The housing market in Toronto benefited from September’s strong performance. Not only were the sales adequate, but the average house sold prices also reached an all-time high.
In comparison to last year, housing prices in the other cities in the Ontario real estate market were high on both sides, whether monthly or annually. As a result, sales volume is down in almost all of the province’s major cities compared to last year.
When comparing cities, most housing markets in the Ontario region have followed the same pattern over the last year. According to reports, prices rose and sales peaked during the spring season, with a decline observed during the summers.
As the COVID-19 pandemic subsided, September 2021 was a game changer that reversed the trend because prices and volume increased, and the Ontario real estate market became active.
The majority of Ontario’s major cities have current average house selling prices that are higher than the previous year. However, some cities in Ontario have not yet reached their spring peak prices. Only Toronto and Brampton have average sold prices that have surpassed the spring prices of the previous year among Ontario’s five major cities.
In other words, Brampton and Toronto have the highest average selling prices in the province, while Hamilton, Mississauga, and Ottawa have lower average housing prices.
First and foremost, Mississauga broke the CA$1 billion barrier, which was quickly followed by Brampton and Toronto. All three of Ontario’s major cities have now reached the same level of average house sold prices, leaving Hamilton in the dust. However, in comparison to the average house sold price of CA$639, 631, Ottawa housing prices remain relatively low.
Toronto Housing Market
The Toronto housing market report is hot, but there is also increased demand for city rental apartments. The Toronto housing market is divided into two scenarios: pre and post-pandemic.
The growing number of house leases in Canada paints a picture of Toronto’s vast rental market. However, this is only half of the picture because most rents have been reduced. The pandemic had a significant impact on the Toronto real estate market, with most rental prices falling by half after COVID-19.
In the current situation, average rental prices remain lower. However, it is also important to keep an eye on Toronto real estate statistics in terms of the rental market in order to balance it out, as in previous years due to the pandemic.
The real estate market is divided into several segments, such as rental housing, which can be further subdivided into personal condos. Thus, in order to balance the rental market situation, pre and post COVID-19 rents in Toronto were recorded and compared, and as a result, it is recorded that the average home price in Toronto has declined in the pandemic. Meanwhile, as a result of the COVID-19 pandemic, the average rent price has decreased due to supply and demand factors.
In the last three quarters of 2020, there has been an increase in rental listings and rental units. It is also stated that if the demand for rental units continues to rise in the coming year, rents will undoubtedly rise.
The improving economy will increase worker demand, which will likely open the door for expats who have been waiting for the green light to relocate to Toronto. As a result, when settling in a new place, immigrants frequently prefer rental housing.
Besides the working professionals, students also form an important part of the Toronto real estate market. Every other working professional or student looks for a rental property near their place of employment or college. As a result, rental dwellings make a significant difference in the Toronto real estate market. Furthermore, this factor influences the average home price in Toronto.
Well, the rising demand for rental housing in Toronto is linked to the country’s expanding economy. This will likely put pressure on rents as well as the demand for rental units. As a result, it will undoubtedly boost Toronto’s economy once more.
