September numbers are in and they continue to be strong. With average sales prices increasing by 5.8% year over year from $796,782 to $843,115, and the number of sales increasing by 22% year over year from 6,414 to 7,825, it would be fair to say that market sentiment is strong. People recognize the value of home ownership and investing in property.
Rental home investors saw their returns improve in the third quarter of 2019 as rents increased despite an increase in supply.
Figures from the Toronto Real Estate Board show that there were 10,800 condo apartment rentals transactions handled by GTA Realtors in Q3 2019. This represents a gain of 17.3% compared to a year earlier, while listings jumped 30.1%.
The average rent for a one-bedroom condominium was $2,262 in Q3 2019. This figure is up 4.5% compared to Q3 2018 while the average two-bedroom rent was up by 4.2% to $2,941.