Bosley Real Estate Market Insight - June 26th, 2020 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

Bosley Real Estate Market Insight - June 26th, 2020

26 June 2020
Bosley Real Estate

The COVID-19 pandemic continues to put downward pressure on the rental market nationally. A growing supply of apartments, mostly in the condo sector are hitting the market as Covid has stalled immigration and sent university students and some hourly workers home to live with their parents. In Toronto, rents declined .7% year-over-year. In downtown areas with concentrations of short-term rentals and neighbourhoods with large student populations, there has been an uptick in vacancies and rent incentives to try and fill units that have emptied out. Total lease transactions in the GTA condo market grew 16% year-over-year during Q1-2020 to reach 7,002 units — the highest first quarter total on record. The post-COVID-19 period saw a steep decline in activity, with lease volume down 25% compared to the same period a year earlier.

Of importance, rental supply did not experience the same degree of decline as leases, with new listings decreasing by a more modest 7% in the post-COVID-19 period from a year earlier. The relatively more stable level of new listings may be attributed to a rise in condo completions in the first quarter.

The chart below looks at the average rent for all property types by municipality in the GTA over the past 13 months.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge Ontario since 1928. We have four centrally located offices 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.

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