The increase in supply.resulted in much more choice and bargaining power for buyers and a moderate decline in average selling prices, TRREB president Lisa Patel said in a statement.
Patel also noticed the market tipped in favour of renters, who had plenty of properties that sat on the market for weeks or months to choose from.
Her observations encompass the last few months of 2020 a period when the Greater Toronto Area was staring down tougher COVID-19 lockdowns, the looming possibility of a tax on vacant units and a softening of the short-term rental market triggered by travel bans and work from home orders.
Tara Deschamps, The Canadian Press
If your client was on the lookout for a Greater Toronto Area condo or apartment to rent or own late last year, new data from the region’s real estate board show they might have had an edge in negotiations.
The number of condos listed for sale or rent in the area in the fourth quarter of 2020 were up by double and sometimes triple digits from the year before, while prices were down, according to two reports released by the Toronto Regional Real Estate Board on Wednesday.
“The increase in supply … resulted in much more choice and bargaining power for buyers and a moderate decline in average selling prices,” TRREB president Lisa Patel said in a statement.
Toronto condo renters, buyers landed negotiating power as Q4 prices dropped: TRREB bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Tara Deschamps
If your client was on the lookout for a Greater Toronto Area condo or apartment to rent or own late last year, new data from the region’s real estate board show they might have had an edge in negotiations.
The number of condos listed for sale or rent in the area in the fourth quarter of 2020 were up by double and sometimes triple digits from the year before, while prices were down, according to two reports released by the Toronto Regional Real Estate Board on Wednesday.
“The increase in supply … resulted in much more choice and bargaining power for buyers and a moderate decline in average selling prices,” TRREB president Lisa Patel said in a statement.
NEWS If you were on the lookout for a Greater Toronto Area condo or apartment to rent or own late last year, new data from the region s real estate board shows you might have had an edge in negotiations. The number of condos listed for sale or rent in the area in the fourth quarter of 2020 were up by double and sometimes triple digits from the year before, while prices were down, according to two reports released by the Toronto Regional Real Estate Board on Wednesday. The increase in supply.resulted in much more choice and bargaining power for buyers and a moderate decline in average selling prices, TRREB president Lisa Patel said in a statement.