MARKET UPDATE FOR THE WEEK ENDING APRIL 30 RD, 2021

MARKET UPDATE FOR THE WEEK ENDING APRIL 30TH, 2021

There are early signs that the rental market may be starting a comeback. In the first quarter of 2021, average condominium apartment rents were down on a year-over-year basis, however growth in rental transactions outstripped growth in the number of units listed over the same period, suggesting that rental market conditions are starting to tighten up once again.

In the GTA there were 13,168 reported condo rentals during the first quarter of this year. This represents an increase of 81% compared to 7,251 rentals in Q1 of 2020. The number of condos listed for rent during the first quarter of this year was up 78% compared to the same time last year. The number of condo apartment rentals reported in the first quarter represented a new record for the first three months of the year. This suggests we are accounting for pent-up rental demand from 2020. Strong rental demand is also an indicator of broader economic recovery with people willing to sign rental agreements because they are confident in their future job and income prospects.

The average one-bedroom condominium apartment rent was down by 16% year-over-year in Q1 2021 to $1,820 compared to $2,187 in Q1 2020. The average two-bedroom condominium apartment rent was down by 13% over the same period to $2,447 compared to $2,812.

“The rental market will continue to contend with COVID-19 as the third wave keeps the GTA in a lockdown during the second quarter. However, market dynamics were set in motion in the first quarter to generate strengthening rental conditions as the year progresses — particularly later in the second half as the population becomes vaccinated, offices start to reopen, immigration rises, and post-secondary students potentially return to in-class learning. These variables are obviously subject to change and dependent upon exogenous factors, but as each day passes and housing prices get more expensive, the upside for the rental market rises.” Shaun Hildebrand, Urbanation.

Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:

Amid hot housing market, stretched borrowers may be stretching the truth to get loans
“The recent surge in home prices has a federal regulator reminding lenders to stay sharp, but it is also prompting concern that borrowers may be stretching themselves financially and, in some cases, stretching the truth when they apply for a mortgage.”

GTA new condo sales accelerate as spring market heats up
“New home sales surged across the Toronto region in March, with purchasers scooping up 5,003 units in the first month of the typically busy spring homebuying season.”

In Vancouver and Toronto, as many as 1 in 5 homeowners own more than one property
“New data released by the Canadian Housing Statistics Program show that one in five City of Vancouver property owners own more than one property, with similar levels in Toronto. The report suggests that homeowners who own more than one home – in some cases, three or four, or more – is a growing group and is concentrated in Vancouver and Toronto.”

BIDMYLISTING.COM DISRUPTS THE REAL ESTATE INDUSTRY AS THE FIRST-EVER ONLINE MARKETPLACE WHERE REAL ESTATE AGENTS CAN BID FOR RESIDENTIAL LISTINGS
“Over 4,000 real estate agents have already joined BidMyListing, the only online platform where homeowners get paid upfront for the exclusive listing of their property. The BidMyListing.com platform, which launched today, will change the way homeowners engage real estate agents forever – its groundbreaking improvements to the process of buying and selling houses benefits both homeowners and real estate agents.”

Unfinished Bridle Path Mansion Across from Drake’s House Asks $45M
“Toronto’s elite Bridle Path neighbourhood in North York has often been referred to as ‘Millionaires’ Row,” with affluent mansions lining the streets.”


Bosley Real Estate Ltd., Brokerage, 
Toronto Real Estate firm independently owned & operated