■Condo & Rental Market Report | Q2 2020

Q2 2020 Condo Market Report TORONTO, ONTARIO, July 31, 2020 –Toronto Regional Real Estate Board President Lisa Patel announced that second quarter 2020 condominium apartment sales amounted to 3,459 – down 50.8 per cent compared to 7,024 sales in Q2 2019. The number of new condominium apartment listings amounted to 8,717 in Q2 2020 – down 21.6 per cent compared to 11,114 new listings entered in Q2 2019. “The condominium apartment market experienced a dip in sales and new listings in the second quarter of 2020, as many potential buyers moved to the sidelines as a result of public health measures taken to combat COVID-19 and the resulting economic downturn. With the overall housing market trending toward recovery in June, condo apartment sales will likely improve in the third quarter,” said Ms. Patel. Despite market conditions becoming more balanced in Q2 2020, the average selling price for condo apartments was up 5.1 per cent compared to Q2 2019 to $619,707. “It will be important to watch the relationship between condominium apartment sales and new listings as we move through the second half of 2020. If economic recovery is sustained, the demand for condo apartments will improve. However, the prospect of stricter regulations on short-term rentals and softer rental market conditions could fuel increased listings of investor-held units. If we see more balanced market conditions, condo price growth could be more moderate compared to low-rise home types,” said Jason Mercer, TRREB’s Chief Market Analyst. Q2 2020 Rental Market Report TORONTO, ONTARIO, July 31, 2020 – Toronto Regional Real Estate Board President Lisa Patel announced that Greater Toronto Area REALTORS® reported 7,320 condominium apartment rentals through TRREB’s MLS® System in the second quarter of 2020. This result was down by 24.8 per cent compared to the second quarter of 2019. The number of condominium apartments listed for rent at some point during Q2 2020 was up by 42 per cent compared to Q2 2019. “There are two key take-aways from the Q2 2020 rental market statistics. First, COVID-19 clearly impacted the demand for rental condominium apartments, due to restrictions on showing units and job losses across many sectors of the economy. Second, we saw the continuation of the pattern experienced over the past year, with year-over-year growth in rental listings far outstripping growth in rental transactions, resulting in a much bettersupplied market and a moderating pace of rent growth,” said TRREB President Lisa Patel. The average one-bedroom condominium apartment rent was $2,083 in Q2 2020 – down five per cent from Q2 2019. The average two-bedroom condominium apartment rent was $2,713, representing a 5.6 per cent decline from Q2 2019. “Following very tight market conditions in 2018, we have seen a consistent trend toward balance in the GTA condominium apartment rental market over the past year-and-a-half. Accelerating growth in rental listings were at the root of this trend, but the COVID-19- related drop-off in rental transactions had a marked impact as well. Increased choice led to more negotiating power for renters, resulting in year-over-year declines in average rents in the second quarter of 2020,” said Jason Mercer, TRREB’s Chief Market Analyst. Q1 2020 Rental Market Report TRREB Releases Q1 2020 Condo Rental Market Stats Greater Toronto Area REALTOS® reported 7,192 condominium apartment rentals through TREB’s MLS® System in the first quarter of 2020. This result was up by 8.6 percent compared to the first quarter of 2019. The number of condominium apartments listed for rent at some point during Q1 2020 was up by 31.9% compared to Q1 2019. With the number of condominium apartments listed increasing on a year-over-year basis by a greater rate than rental transactions, the year-over-year pace of average rent growth has moderated. The average one-bedroom condominium apartment rent was $2,187 in Q1 2020, up 2.1 per cent from Q1 2019. The average two-bedroom condominium apartment rent was $2,811, in line with the Q1 2019 result.