A Review of Condo Market

Assessing Resale and Rental Markets (February)

Our weekly update includes a review of the February condominium rental and resale markets and a new UrbanAction release for 1 Jarvis in the City of Hamilton. Enclosed is our Pending UrbanActions report with the addition of the launch of Bauhaus at 284 King Street East in the Downtown East submarket this week.

Condominium Rental Market Update

  • Year-over-year growth in new condominium rental listings (+73%) continued to outstrip lease transactions (+47%) in February.
  • However, the ratio of leases-to-new listings remained strong last month at 73%, which helped to bring down inventories and support rent levels.
  • Average rents were down 15% year-over-year in February to $2,033, but recorded their first month-over-month increase (+1.1%) since April 2020.
  • It appears the market may have found its bottom in December and January at an average of approximately $2,000 per month
  • The demand-supply balance in the market should continue to improve throughout 2021, supporting a partial recovery in rents

 

Condominium Resale Market Update

  • Condominium resale activity increased 64% year-over-year to reach a February record of 3,116 sales.
  • Sales growth remained strongest in Downtown Toronto last month, with activity up 100% from a year ago.
  • Inventory levels for condos dropped below one month of supply everywhere across the GTA in February.
  • The only other time resale inventory was this low was in early 2017, which was accompanied by a 30% annual surge in prices just prior to the introduction of the Ontario Fair Housing Plan.
  • While average condominium resale prices in the GTA were down 3.7% year-over-year in February, they jumped 6.9% on a month-over-month basis, led by an 8.3% increase in the 416.
  • Despite the surge in prices last month, average prices in Downtown Toronto were off 11.8% from a year ago. In the rest of Toronto, average condo prices were down 4.5% year-over-year, while 905 prices were up 5.4%.

UrbanAction Release: 1 Jarvis

·         1 Jarvis is the first launch in the central Hamilton submarket in nearly two years located at 1 Jarvis Street, north of King Street East and west of Wellington Street North (the common east delineation of downtown Hamilton). The 15-storey building by Emblem Developments offers 354 units sized from 435 sf to 840 sf with end-selling prices from $367,000 to $576,000. Launched to brokers in mid-February at an average $753 psf, it is Urbanation’s understanding the project is sold out subject to the 10-day recession period.

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