Susan   Oh Likins

Susan Oh Likins

Sales Representative, SRES

Royal LePage New Concept, Brokerage *

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The Condo Market in 2021

This year is the right time to buy and rent a condo. 

 

The good news was delivered to those who wished to go to Toronto.

According to data released on the 27th by the Toronto Real Estate Commission, TRREB, the number of condos listed for rent and sale in the fourth quarter of last year increased explosively compared to a year ago, while prices fell.

Chairman Lisa Patel diagnosed, "As the supply of condos increases, options for purchasers have increased and the power to gain an upper hand in bargaining has emerged."

According to the committee's data, condo transactions totaled 6,469 in the fourth quarter, up 20.7% from the same period last year. The number of new listings was 12,298, an increase of 92% from 6,407 in 2019.

On the other hand, the average transaction price dropped 1.1% to $610,441.

The rental market has a similar atmosphere. In the fourth quarter, 12,584 condo units were leased, an increase of 86% compared to the previous year, and rental properties increased by 131.%.

Real estate brokers said, "This trend is highly likely to continue this year," and said, "It is a perfect time for those who wish to purchase a Toronto condo."

 

Source: Seunghoon Jeon by Koreatimes.net /31 Jan. 2021

 

 

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