“Based on the expectation that first-time buying activity will increase this year, look for the condominium apartment segment to be one of the recovery leaders in terms of sales and price growth,” said Jason Mercier, the board’s chief market analyst.
“The GTA condominium rental market continues to be a key source of rental supply, helping accommodate record population growth. However, tight market conditions are resulting in an unsustainable pace of rent growth,” Baron said. As for whether this upward trend will continue onto the rest of the season, Mercer said the market follows a similar pattern from one year to the next, unless there’s a real shock to the system, such as the onset of interest rate hikes seen last year.
Tom Storey, a sales representative for Royal LePage Signature Realty, agreed said while he thinks the market will see a run up in May and June, as with typical spring markets before the pandemic, he doesn’t expect blockbuster numbers.Advertisement 2THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYUnlimited online access to articles from across Canada with one account.
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