This report is adapted from Rentals.ca  via. Blog.To

Toronto rent prices have been up, down and all around lately as the market recovers from pandemic lows in 2020 that saw apartments get increasingly more affordable month-over-month for more than a year straight.

Now that the provincial economy has nearly opened up in full again and the return of international travel and immigration as we used to know it is on the horizon, things are picking up in the short-term rental, long-term rental and real estate world in general (though as far as house and condo purchases in the city, things hardly even cooled due to COVID-19).

The average price of renting a unit in Toronto proper and the GTA overall has started rising slowly once more.  

In the city proper, neighbourhoods like Cabbagetown-South St. James Town, North St. James Town and South Parkdale are among those that have the cheapest rents right now, while Rosedale-Moore Park, the Bay Street Corridor, and Waterfront Communities-The Island had the priciest, and also more active listings.

While general affluence of and rental trends of certain areas are obvious factors in price, there are other things at play — namely, the number of options made available by new builds.

"The neighbourhoods with low levels of new condo construction experienced over the past decade have seen the biggest increases in rent in 2021 in the city of Toronto," Bullpen President Ben Myers said alongside this latest data. 

"Desirable communities near transit, with a lack of supply have been the first to recover during the pandemic."

Compared to the rest of the GTA, renting in downtown Toronto remains, on average, more expensive than in Brampton, Mississauga, Markham, Ajax, East York, Scarborough, York and Etobicoke, though cheaper than in Richmond Hill, Vaughan, and Pickering, as per the most recent numbers from the two companies.

As workers prepare to return to the office (on top of all else that is opening up), the experts expect that rent prices will continue to rise, especially in popular areas where supply remains tight.

What do Rentals Cost in Toronto?  This chart ranks the rentals by Neighbourhood in Toronto:


How does Toronto Stack up to Canada? 


 

What Landlords look for in an ideal tenant?

Renting in Toronto can be very competitive, so understanding what Landlords look for in a tenant can help you be successful in finding a condo to rent in Toronto.   Landlords look for a good track record, good credit score and stable income.

4 Tips on finding great rental in Toronto:

  1. Be organized; have your employment letters, salary verification, references & credit report ready to put an application in right away.
  2. Think of it as a job application – You’re interviewing for the space, so play up your strengths, compliment the property and keep demands to a minimum
  3. Video speaks 1000 words – do a video introduction or Zoom call with the Landlord or Landlord’s Realtor
  4. Look in your budget – Landlords have their choice of applicants for premium properties – sometimes they rent for over the asking price.  So make sure you’re looking in or slightly below your price range

 

...

Toronto features lots of waterfront parks to enjoy on the shores of Lake Ontario.  Port Union Commons Park is located at the foot of Port Union near the Rouge GO station.  It connects with waterfront bike & walking paths along the beautiful shores of Lake Ontario.  The trails connect with Rouge Urban Park and Pickering trails and paths.  

Port Union Waterfront park includes a children’s playground, public washrooms and a fountain that leads to a splash-river which is lots of fun for kids!   Follow the paved trail under the GO tracks to travel west towards Highland Creek or east to Rouge National Urban Park, Rouge Beach & Pickering trails and paths. 

Stop to admire the homes along the way, especially the unique townhomes that face the park! 

When you’re done exploring the area you can take a short stroll north to Lawrence and Port Union and grab a bite to eat at a local spot including: Azumi Sushi, Mr. Bean Coffee, Pizza Pizza, Popeyes or Patty Stop.  

How to get to Port Union Waterfront Park:  

By car: Take the Port Union exit at 401 and go so south on Port Union to the end, park in the GO station overflow lot, or 3 hour free parking on a side street.  

By GO:  Take the GO station to Rouge GO and walk to the park

By TTC: Take the 54 Lawrence East bus to Port Union & walk south towards the lake, the park is at the foot of Port Union

Plan you trip with the TTC Trip Planner

This short video highlights some of the fun things to do at Port Union Waterfront Park! 



...


GTA REALTORS® Release March 2021 Stats

For the third straight month of 2021, record home sales continued in March across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy.

GTA REALTORS® reported 15,652 sales in March 2021 – close to double that of March 2020. While sales were strong, it is important to remember that for the second half of March we are comparing against the initial impact of COVID-19 in the second half of March 2020 when sales activity dropped off dramatically. With this in mind, it is important to consider annual sales growth for the pre-COVID period (March 1 to 14, 2020) and COVID period (March 15 to 31, 2020):

- There were 6,504 sales reported during the first 14 days of March 2021 - up 41 per cent compared to the pre- COVID period in March 2020.

- There were 9,148 sales reported between March 15th and March 31st 2021, an increase of 174 per cent compared to the COVID period of March 2020. This is a stark reminder of the initial impact COVID-19 had on the housing market and overall economy a year ago.

For March 2021 as a whole, new listings were up 57 per cent year-over-year to 22,709. While representing a strong year-over-year increase, the annual growth rate for new listings was well-below that of sales.

The MLS® Home Price Index Composite Benchmark for March 2021 was up by 16.5 per cent compared to March 2020. The average selling price, at $1,097,565 was up by 21.6 per cent over the same period. Following the recent trend, low-rise home sales in regions surrounding the City of Toronto drove price growth.


...

 I just represented a buyer in a multiple offer situation (also known as a “bidding war”) Happens all the time in Toronto, right?  What was different in this case was that there were 42 other offers along with ours!  So how did we end up winning the property, and, more importantly NOT overpaying?  Here’s what we did…..

Understand what a multiple offer situation is (and isn’t). Simply put, it’s one of several marketing strategies sellers use to sell homes.  Here’s how they generally work:

As a Realtor, there are many approaches to marketing a listing.  One strategy is to underprice the home in hopes of attracting as many buyers as possible.  Generally speaking the home is underpriced 10-15% below market value & offered for viewings for 7-10 days.  Offers are reviewed at a specific date & time which is indicated on the listing.   The seller hopes at the offer review time that the home sells with no conditions to the highest bidder.   In some cases ‘bidding frenzy’ may drive prices slightly over market value.

In this case the Sellers priced the listing super aggressively at about 30% less than market value.  A good Realtor can easily check market value by reviewing recently sold similar properties to make sure you're not overpaying.  

As a buyer, how do you compete in these situations?

  1. Communication with the listing agent.  A good realtor will open communication to get the best information to provide to a buyer to create a winning bidding strategy.  This way the listing agent understands you are professional, thorough and working in the best interest of your client to make this as easy as possible for thier seller to accept your buyers offer!  Information you can gather:
    • Preferred closing date
    • Target price (if they will share) or a recent sale they are targeting (again, if they will share)
    • Do they want best and final offer or will they expect multiple rounds of bidding?
    • Is there a home inspection to review ahead of time?
    • Do they require a deposit draft at the time of offer?
    • Do they have a cut off time to review offers; after which they won’t accept any?
    • How many offers do they anticipate?
    • Will they accept a pre-emptive offer? (more about that below....)
  2. Decide your offer strategy ahead of offer time so you’re not pressured during the bidding. 
  3. Prepare and be comfortable with offers at A,B,C levels should you need to; have these at hand so you're not scrambling to do paperwork at the last minute.
  4. Ask the agent for written instructions, and follow them!  If they can’t provide written instructions this means offers night may not be organized & at least you’ll be prepared for that, too!
  5. Review recent sales so you understand market value for the property.
  6. If there is no home inspection provided by the seller, do your own ahead of time. 
  7. Review seller provided home inspection
  8. Send the listing to your mortgage broker to review to see if you can waive any finance condition
  9. Write a personal cover letter to submit with the offer to stand out from other buyers; or better yet do a video
  10. Get a deposit (bank draft) ready to submit with the offer
  11. Ask yourself “If I found out the house sold for $XXX.XX would I be OK with that?”  You just hit your price ceiling, where you can walk away without regret or emotion.

Develop a bidding strategy:

In the case of this home, we were fortunate that the listing agent had clear and concise directions, which we followed.  After the fact there were several offers higher than ours, but with conditions --that made our offer more appealing.  In our case we had decided our bidding strategy would be:

To offer a large deposit and have it available offer night

To go in with our highest and best offer

The house may sell for higher than market value because of the number of offers (it did not)

To rely on the owner-provided home inspection

The mortgage broker cleared an offer without finance conditions

To follow the rules set down by the listing agent

What happens if you can’t offer without a condition of finance (or inspection)?

Understand that to get a seller to accept a finance condition in an offer, you will likely need to offer a premium price.  Make sure you don’t offer what the property will appraise for; or you will have to come up with the balance in cash.

Do houses sell before the offer date?

Yes they can if a seller is willing to look at a pre-emptive offer.  This is also called a ‘bully offer’.   This may be discretionary and is usually (but not always) included in the listing details.  Bully offers are typically at the top of the price range a seller is anticipating with no conditions.  

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This report is adapted from Rentals.ca  via. Blog.To

Toronto rent prices have been up, down and all around lately as the market recovers from pandemic lows in 2020 that saw apartments get increasingly more affordable month-over-month for more than a year straight.

Now that the provincial economy has nearly opened up in full again and the return of international travel and immigration as we used to know it is on the horizon, things are picking up in the short-term rental, long-term rental and real estate world in general (though as far as house and condo purchases in the city, things hardly even cooled due to COVID-19).

The average price of renting a unit in Toronto proper and the GTA overall has started rising slowly once more.  

In the city proper, neighbourhoods like Cabbagetown-South St. James Town, North St. James Town and South Parkdale are among those that have the cheapest rents right now, while Rosedale-Moore Park, the Bay Street Corridor, and Waterfront Communities-The Island had the priciest, and also more active listings.

While general affluence of and rental trends of certain areas are obvious factors in price, there are other things at play — namely, the number of options made available by new builds.

"The neighbourhoods with low levels of new condo construction experienced over the past decade have seen the biggest increases in rent in 2021 in the city of Toronto," Bullpen President Ben Myers said alongside this latest data. 

"Desirable communities near transit, with a lack of supply have been the first to recover during the pandemic."

Compared to the rest of the GTA, renting in downtown Toronto remains, on average, more expensive than in Brampton, Mississauga, Markham, Ajax, East York, Scarborough, York and Etobicoke, though cheaper than in Richmond Hill, Vaughan, and Pickering, as per the most recent numbers from the two companies.

As workers prepare to return to the office (on top of all else that is opening up), the experts expect that rent prices will continue to rise, especially in popular areas where supply remains tight.

What do Rentals Cost in Toronto?  This chart ranks the rentals by Neighbourhood in Toronto:


How does Toronto Stack up to Canada? 


 

What Landlords look for in an ideal tenant?

Renting in Toronto can be very competitive, so understanding what Landlords look for in a tenant can help you be successful in finding a condo to rent in Toronto.   Landlords look for a good track record, good credit score and stable income.

4 Tips on finding great rental in Toronto:

  1. Be organized; have your employment letters, salary verification, references & credit report ready to put an application in right away.
  2. Think of it as a job application – You’re interviewing for the space, so play up your strengths, compliment the property and keep demands to a minimum
  3. Video speaks 1000 words – do a video introduction or Zoom call with the Landlord or Landlord’s Realtor
  4. Look in your budget – Landlords have their choice of applicants for premium properties – sometimes they rent for over the asking price.  So make sure you’re looking in or slightly below your price range

 

...

Toronto features lots of waterfront parks to enjoy on the shores of Lake Ontario.  Port Union Commons Park is located at the foot of Port Union near the Rouge GO station.  It connects with waterfront bike & walking paths along the beautiful shores of Lake Ontario.  The trails connect with Rouge Urban Park and Pickering trails and paths.  

Port Union Waterfront park includes a children’s playground, public washrooms and a fountain that leads to a splash-river which is lots of fun for kids!   Follow the paved trail under the GO tracks to travel west towards Highland Creek or east to Rouge National Urban Park, Rouge Beach & Pickering trails and paths. 

Stop to admire the homes along the way, especially the unique townhomes that face the park! 

When you’re done exploring the area you can take a short stroll north to Lawrence and Port Union and grab a bite to eat at a local spot including: Azumi Sushi, Mr. Bean Coffee, Pizza Pizza, Popeyes or Patty Stop.  

How to get to Port Union Waterfront Park:  

By car: Take the Port Union exit at 401 and go so south on Port Union to the end, park in the GO station overflow lot, or 3 hour free parking on a side street.  

By GO:  Take the GO station to Rouge GO and walk to the park

By TTC: Take the 54 Lawrence East bus to Port Union & walk south towards the lake, the park is at the foot of Port Union

Plan you trip with the TTC Trip Planner

This short video highlights some of the fun things to do at Port Union Waterfront Park! 



...


GTA REALTORS® Release March 2021 Stats

For the third straight month of 2021, record home sales continued in March across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy.

GTA REALTORS® reported 15,652 sales in March 2021 – close to double that of March 2020. While sales were strong, it is important to remember that for the second half of March we are comparing against the initial impact of COVID-19 in the second half of March 2020 when sales activity dropped off dramatically. With this in mind, it is important to consider annual sales growth for the pre-COVID period (March 1 to 14, 2020) and COVID period (March 15 to 31, 2020):

- There were 6,504 sales reported during the first 14 days of March 2021 - up 41 per cent compared to the pre- COVID period in March 2020.

- There were 9,148 sales reported between March 15th and March 31st 2021, an increase of 174 per cent compared to the COVID period of March 2020. This is a stark reminder of the initial impact COVID-19 had on the housing market and overall economy a year ago.

For March 2021 as a whole, new listings were up 57 per cent year-over-year to 22,709. While representing a strong year-over-year increase, the annual growth rate for new listings was well-below that of sales.

The MLS® Home Price Index Composite Benchmark for March 2021 was up by 16.5 per cent compared to March 2020. The average selling price, at $1,097,565 was up by 21.6 per cent over the same period. Following the recent trend, low-rise home sales in regions surrounding the City of Toronto drove price growth.


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