GTA condo sales and rentals surge in fourth quarter while prices drop, says TRREB
Posted January 27, 2021 9:07 am.
Last Updated January 27, 2021 9:08 am.
TORONTO — The Toronto Regional Real Estate Board says condominium apartment sales and rentals in the region surged in the fourth quarter, while average selling and rental prices fell.
The board says there were 6,469 condominium apartment sales in the final three months of 2020, up 20.7 per cent from 5,358 sales in the same quarter a year earlier.
The number of new condo listings increased 92 per cent to 12,298, from 6,407 new listings in the fourth quarter of 2019. The number of active listings more than doubled to 4,294.
The average selling price for condos fell 1.1 per cent 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 per cent to $644,516.
In a separate report, the board said regional apartment rentals through the multiple listing system (MLS) increased 86.3 per cent to 12,584 while listings grew 132 per cent.
Average monthly rentals for one-bedroom apartments fell 16.5 per cent to $1,845 while two-bedroom rentals dropped 14.5 per cent to $2,453.
This report by The Canadian Press was first published Jan. 27, 2021.
The Canadian Press
