In the Greater Toronto Area, condo sales are down while the condo rental segment is thriving.
According to the Toronto Regional Real Estate Board (TRREB), Q2 2024 saw 5,474 condo sales, a 19.8% decrease from the 6,824 sales in Q2 2023.
In contrast, condo rentals have surged, with 17,400 units rented in Q2 2024, up 25.2% from 13,896 a year ago.
TRREB believes this rental demand is largely driven by ongoing affordability challenges. High mortgage payments are steering more potential condo buyers towards renting rather than owning. TRREB Chief Market Analyst Jason Mercer says, “Demand for rental housing will be very strong for the foreseeable future."
Admittedly, a recovery could be on the cards: despite the year-over-year decline, Q2 2024 condo sales are up 15.3% from Q1 2024.
Nevertheless, now might be a prime time for sales-focused real estate professionals to explore property management. Diversifying income streams allows you to capitalize on the strong demand for rentals while leveraging your existing knowledge of condos.
More rental market headlines
Ottawa landlord left with hefty bill after tenant trashes rental property – CTV News
GTA condo investors counting losses – PayProp blog
Kitchener bylaw requires landlords to offer alternative housing during demolition – CTV News
