This week the Toronto Real Estate Board (TREB) has published its quarterly reports on the resale condo market as well as the condo rental market.
The latest Condo Market Report and Rental Market Report showed strong annual growth in sale prices and rents in the Greater Toronto Area.
The gains come in the wake of Ontario’s Fair Housing Plan, which includes measures affecting both segments — namely, rent control and a foreign-homebuyer tax.
“Many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing,” writes Jason Mercer, TREB’s director of market analysis, in a statement about condo demand.
But don’t just take Mercer’s words for it. Here are 17 facts showing how Toronto’s condo market stood tall in Q2 2017.
1. GTA condos sold for an average of $532,032 during this year’s second quarter.
3. The average GTA condo sale price in Q2 also represents a whopping 28.1 per cent increase from a year before.
4. Dollar for dollar, that’s a spike of $116,706.
5. This pricing exuberance played out even as GTA condo sales over the quarter dropped 8 per cent compared to activity seen during the same period last year.
6. That put Q2 2017 sales at a total of 8,223 units.
7. All those sales equalled more than $4.3 billion worth of real estate.
9. Meantime, renters looking for one-bedroom condos signed leases for an average rent of $1,861 per month this past quarter.
10. At that rate, a year-long lease would cost a renter $22,332.
11. On a year-on-year basis, one-bedroom condo rents surged 8.8 per cent.
12. And two-bedroom rents nearly mirrored this annual growth at 8.7 per cent.
13. These more-spacious units rented for $2,533 on average.
14. Yet renters kept on signing leases: “The number of rental transactions reported through TREB’s MLS System remained in line with Q2 2016 levels,” the board states.
15. Interestingly, only 273 bachelor condo units leased in the GTA during the entire quarter.
16. Compare that to the 5,027 one-bedroom units that did so over the same timeframe in the area.
17. On average, condo rental listings only stayed on the market for 12 days.
