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November 24, 2020

Toronto Residential Market Update: November 2020

Nov2020UpdateCharts

With TRREB’s 3rd quarter data now available, the trends are clear as we head into the last leg of this crazy year.

Central Toronto Rental Prices Soften

The first trend is the softening of Rental Prices in downtown Toronto. Why does the market have more supply than demand?

  1. AIRBNBs and other short-term rentals are now being listed on the traditional rental market;
  2. Students are still distance-learning, letting their condo leases in the city lapse; and
  3. People who rent and work from home continue to move to the suburbs.

The decrease in rental pricing will no doubt be temporary, but what does it mean for you? Well, if you want to rent downtown post-COVID, now is a great time to lock in at a low rate, and if you are ALREADY renting centrally, you can potentially re-negotiate a decrease in rent WITHOUT having to move.

Re-Location within Ontario

The second trend we’re seeing is the real estate boom in Ontario’s cities that were designed around 15-minute commutes. Specifically, Ottawa and Kitchener-Waterloo — two of the cities that our team covers well — have experienced exponential growth this year and are on track to continue well into next year, as people are less concerned with being located close to work and more concerned serving the many emerging needs of their family unit.

Condo Prices Continue to Rise Steadily

The third trend, which is nothing “new” but definitely worth mentioning, is that condo sale prices continue to rise steadily in Toronto. Although not as fast as the low-rise segments of the market, we continue to see gains which is excellent news for condo owners and the market overall, and contrary to some predictions that were made previously.

With a tight-knit but geographically diverse team in place, we are uniquely positioned to help you — whether you’re looking for a more affordable rental situation in the city or to re-locate within Ontario, give us a call today at 416-925-3140.

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