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The Greater Toronto Area experienced a decline in condo sales in the fourth quarter of 2022, with a drop of 54.1% compared to the previous year, according to data from the Toronto Regional Real Estate Board. However, the average selling price remained relatively unchanged, at $710,520, with the condo market segment being the most affordable. Average rents for condos increased by double digits in the same period, with the average one-bedroom rent increasing by 19% to $2,503, and the average two-bedroom rent increasing by 14.1% to $3,178. The tight rental market and strong demand are expected to continue, but TRREB's Chief Market Analyst, Jason Mercer, emphasized the need for new policies to result in more supply to ease the persistent shortage and competition for renters.

Read the full article on: REAL ESTATE MAGAZINE