So a lot of you are wondering what is happening with the condo rental market in Toronto? Well… there were a lot of changes that happened in August 2021.
We see a drastic increase in average condo prices compared to April 2021. This trend slowly happened in June and it progressed to bidding wars and multiple offers in the month of August. Why? A lot of students are starting school in September, the rapid increase of vaccinated individuals, the opening of stores and social events, and warmer weather are giving people the opportunity and confidence to relocate back to downtown Toronto including south core Waterfront and Harbourfront areas.
Let’s take a closer look into the statistics compared to April 2021 compared to this month.
1 Bedroom Condos in Toronto Waterfront & Harbourfront
Here you can see the average leased price for 1 bedroom (including 1 plus dens) from July 18 – August 18 is $2,153 which is a 12% increase compared to April. Inventory remains stagnant, but the average number of days on market decreased to 15 which means more demand than supply.
2 Bedroom Condos in Toronto Waterfront & Harbourfront
From July 18 – August 18th, the average lease price for condos in Toronto Waterfront is $3,079 which is a 7% increase compared to April. As you can see, the numbers present an overall increase in leased prices with fewer days on the market resulting in bidding wars and multiple offers which is driving the rental market to be so HOT!
3 Bedroom Condos in Toronto Waterfront & Harbourfront
We see the most change with 3 bedroom condos in downtown Toronto Waterfront. During the month of July 18 – August 18, the average lease price is $4,133 for 3 bedroom units which is a 23% increase compared to this year April. Meanwhile, there are more total units leased with only 13 days on market compared to 42 days in April. Crazy.
The rental market is picking back up drastically during July and August. Our conclusion is that students are what is driving the rental demand up and the accessibility of various social events and stores are encouraging people to relocate back to downtown.
Curious to see what the condo market is like in the next month? Stay in the loop by inputting your contact info for more updates or you can email us at firstname.lastname@example.org. We look forward to getting to know you!