Second quarter 2021 GTA condominium apartment sales were up substantially compared to Q2 2020, but ebbed slightly compared to Q1 2021, following the broader market trend. Competition between buyers continued to accelerate compared to last year, which led to year-over-year and quarter-over-quarter average price increases.
As City Council meets today, the Toronto Regional Real Estate Board (TRREB) is urging Councillors to carefully consider the implementation details of two items on Council’s agenda: a new Vacant Home Tax (VHT) and a new home energy rating and disclosure program. “As is often the case, the devil is in the details. The new Vacant Home Tax and proposed home energy rating and disclosure programs are not necessarily bad ideas, but City Council has to get the implementation right.
June home sales were up compared to last year, but remained below the March 2021 peak and were lower than the number of transactions reported for May 2021, consistent with the regular seasonal trend. The average selling price in June increased by double digits compared to last year as well, but the annual rate of increase moderated compared to the previous three months.
Thirteen Toronto Regional Real Estate Board (TRREB) Members have one thing in common. They have all received accolades for their tremendous dedication and tireless commitment to their communities, the organization, and the real estate industry as a whole. This year, TRREB handed out a record number of awards at the spring Annual Meeting held virtually on June 3.
Teranet, Canada’s leader in modernizing registry and data intelligence platforms for the Canadian real estate market, and Stratus Data Systems, a leader in MLS® platforms have joined forces to launch REALM to the Toronto Regional Real Estate Board (TRREB). This modern, mobile-first new national front-end Multi-List Platform (MLP) merges land registry and MLS® data to create a singular and enhanced experience for TRREB and its partner board Members.
The Toronto Regional Real Estate Board (TRREB) will add BrokerBay, an advanced showing management ecosystem, to its core products and services for Members this fall. TRREB’s newly announced partnership with BrokerBay will give our Members and Partner Board MLS® System users access to a brokerage level showing service solution with advanced features. The full suite of user-friendly tools can be leveraged by REALTORS® and front-desk administrators to schedule and manage showing appointments, provide 3D virtual showings, register offers, submit documents, manage property notifications, and more.
As Canada’s largest and most diverse real estate board, we condemn the senseless and horrific act of violence against a Muslim family in London, Ontario. Their lives were taken in a deliberate attack motivated by hatred because of their Islamic faith.
Together, we stand united with our Members against such deplorable actions with zero tolerance for this reprehensible behaviour.
Our hearts go out to the grieving family, loved ones, and communities during this incredibly trying time.
Sadly, the unspeakable discovery of the unmarked graves and remains of 215 children on the grounds of a former residential school is a sombre reminder of our country’s shameful past.
This is a historic tragedy, and we hope now, the residential survivors can begin to heal and honour the lost lives.
Together, we stand united with fellow Canadians and Indigenous communities to honour the victims.
Residential transactions reported through TRREB’s MLS® System remained high in May 2021, but fell short of the 2016 record and were below this year’s March peak. Despite a slight ebb in sales over the last two months, market conditions remained tight enough to push the average selling price to an all-time record in May.
For the second year, the Toronto Regional Real Estate Board (TRREB) and its Members are supporting COVID-19 relief efforts. The immediate contribution of over $300,000 in concert with the Ontario REALTORS Care® Foundation (ORCF) will help 40 charities and support the most vulnerable during the third wave of the pandemic. This is in addition to the $744,116 donated at the end of 2020, as part of the $1 per Member per Month Every REALTOR® campaign in support of the ORCF.
Home sales in the Greater Toronto Area (GTA) set a new record for April and amounted to more than quadruple that from April 2020 – the first full month of the pandemic. Bucking the regular seasonal trend, April 2021 sales actually declined month-over-month. A similar trend was noted for the number of new listings reported.
In the first quarter of 2021, average condominium apartment rents were down on a year-over-year basis, continuing to reflect a supply imbalance in favour of renters. However, year-over-year 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 in the Greater Toronto Area (GTA) once again.
Year-over-year growth in first quarter 2021 condominium apartment sales well outstripped growth in listings over the same period in the Greater Toronto Area (GTA). With market conditions tightening, average condo prices for Q1 2021 were above the averages for Q1 2020 for the regions surrounding the City of Toronto. The average condo selling price in Toronto remained below last year’s level.