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GTA February Condo Rental Market Update:
Condominium lease activity declined 28% annually in February as new listings continued fall (-22% y/y) from highs recorded a year ago.
While the annual pace of lease transactions trailed behind new listings for the first time during the past 12 months, active listings at month-end remained close to the year-end level at 2,262 units — in line with pre-pademic levels and equal to just one month of supply.
Rents continued to trend higher in February, posting 18.8% annual growth. At an average of $2,416, rents surpassed their pre-pandemic average of $2,396 in February 2020.
GTA February Condo Resale Market Update:
Condominium apartment resale activity declined 11% annually from last year’s record high. This occurred as new listings increased 12% year-over-year to a new February high of 3,819 units.
Despite the relatively strong growth in supply during February, active listings at month-end remained 25% lower than a year ago and 43% below the 10-year average.
As condo resales remained in a seller’s market, prices continued to face strong upward pressure in February. The average price rose 24.5% from a year ago to reach $799,966, with City of Toronto prices up 21.5% annually to $822,090 and 905 region prices up 34.2% to $756,146.
In the two months since the start of 2022, average resale prices in the GTA have increased by 12.4%.
MANAGER OF MARKET RESEARCH
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