Hoping to snag a Toronto apartment for the same rates seen this time last year? Think again. The high vacancy rates and low prices are no more as the city springs back to life. With schools reopening for in-person learning, businesses reopening and the Toronto scene returning to its pre-COVID normal, it should come as no surprise that the real estate market is making a comeback too.
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Toronto Condo Market Data
According to recent data from Urbanation, 5 221 condos were leased in July, which is 40% more than that of July 2020. With this in mind, rent prices were also seen increasing 5.3% with an average of $2 277/month. If you’re thinking of renting a condo, July’s rates were only 8% off the all-time peak reached in 2019 Q3 ($2 481) so act accordingly.
Last year, it felt nearly impossible to get someone to rent a condo in the city, let alone buy one. With the numbers recorded above, it’s no surprise that now there are bidding wars, multiple offers and condos flying off the shelves!
According to a representative from condos.ca, this summer has been an absolute wild ride! Houses and condos are going off the market within days and rental units are having bidding wars.
The Inside Scoop
I just recently signed a lease for a condo in the city beginning September 1 and it was not easy finding a place. Each unit I inquired about had at least 1-2 full price offers despite being listed within 1-3 days ago. In previous years, I had been able to negotiate prices and argue that I had leverage. But this year I was not greeted with the same opportunity. Instead, I found myself offering full price with the willingness to go above asking if I had to! Lets just say, this season may not be the time to find a new condo in The 6ix if you aren’t willing to put up a bit of a fight. Happy house hunting!