Condo for sale in scarborough town centre.Buy or rent an apartment in Toronto? If you want to buy an apartment, you should buy it in December.
If you are looking for an apartment or apartment in the Greater Toronto area that you will rent or own in the second half of last year, new data from the area Real Estate Board suggest that you may have an advantage in the negotiations.
The number of apartments for sale in the area tripled or even tripled in the fourth quarter of 2020 compared with the same period last year, while prices fell, according to two reports released by the Toronto area Real Estate Board on Wednesday. .
“the increase in supply,” Lisa Patel (Lisa Patel), president of TRREB, said in a statement. It has brought more choices and bargaining power to buyers, and the average selling price has also declined moderately. “
Patel (Patel) also noted the market’s preference for renters, who have been on the market for weeks or months to choose from.
Her observations covered the last months of 2020-the Greater Toronto area stared at the tough COVID-19 blockade, the imminent possibility of taxing vacant units, and periods of weakness in the short-term rental market and placing orders triggered by the travel ban.
Sales of apartments and apartments in the quarter reached 6469, up 20.7 per cent from 5358 in 2019, TRREB said. The number of newly listed apartments rose nearly 92 per cent to 12298, up from 6407 last year, while the number of active apartments doubled to 4294.
The average selling price for the quarter fell 1.1% to $610044, down from $616771 in the same period last year. The average selling price in Toronto fell 2.4% to C $644516.
Bosley Real Estate Ltd. Davelle Morrison, a broker in Toronto, notes that this period begins with the usually sleepy December holiday season.
“it wasn’t until the end of December that people decided to start snapping up what they had to offer,” she said. “
“one of the reasons why December is usually so quiet is that everyone goes to Christmas parties and buys Christmas presents, but now, because COVID, you don’t do any of these things, all they do is look at real estate.”
At the same time, demand for apartment rents has reached an all-time high, Mr. Patel said. A total of 12584 apartments were rented in the quarter, an increase of about 86 per cent from 6756 in the same period last year, according to new figures from TRREB. The listed rent figures soared by 131.6%, from 33280 and 14371.
“because of the impact of COVID-19 on the tourism industry and the short-term rental market, many investors choose to provide their units, so the growth in the number of available units has far outpaced the growth in leasing transactions,” Patel said. “
Those who offer rent end up charging less than they did a year ago. The average rent for an one-bedroom apartment fell 16.5% to $1845 from $2209 last year. Over the same period, the average rent for a two-bedroom apartment was $2453, compared with $2868 a year earlier, down 14.5 per cent.