TRREB’s Chief Market Analyst, Jason Mercer, stands in front of a view of the Toronto skyline and speaks to the camera.
Condo listings were up, while sales were down, and this meant more choice and bargaining power for buyers. Some of the increase in listings, may have come from owners looking to take advantage of low mortgage rates and move up in the market. Also, many investors listed condos for sale, arguably due to softer rental market conditions and new policy directions on short-term rentals and vacant units. Post-COVID, we’ll start to see an increase in population due to immigration and non-permanent migration which should re-invigorate condo demand, both in the ownership and rentalmarkets.