While March 20th was the official first day of Spring, it’s finally starting to ACTUALLY feel like Spring weather. You guys know what I’m talking about – those warm, sunny days where you can get away with a light jacket or even shorts and a t-shirt… those are the days!
As of Wednesday April 6th, 2022, 85.45% of the total Canadian population has received at least one dose of the COVID vaccine, 81.81% has received at least two doses & 48.60% are fully vaccinated with a third dose. That’s more than 32,112,659 doses of approved COVID-19 vaccines that have been administered across Canada.
As of March 21st, 2022, general masking requirements were lifted, however, masking is still required in certain indoor settings (i.e. public transit, health care settings- hospitals, psychiatric facilities, doctor offices, immunization clinics, laboratories & specimen collection centres), home and community care providers locations (if you are an employee or contractor), long-term care and retirement homes, shelters and other congregate care settings that provide care and services to medically and social vulnerable individuals. If you are interested for a complete list of settings and exceptions to masking requirements, please visit Ontario.ca’s O. Reg. 364/20. Also important to mention, passive screening of individuals prior to entering a business is no longer required and businesses and organizations that are open are no longer required to prepare and make available a safety plan. If you have questions about what will be open or impacts to your business or employment, call the Stop the Spread Business Information Line at 1-888-444-3659.
And that’s what you missed on… Reopening Ontario… for real, this time!
Now, on to real estate! This month, we saw an increase in total condo rentals month over month, a decrease year over year, an increase in rental volume year over year and a standstill month over month. Let’s delve into the numbers for our Liberty Village condo market in March and let them do the talking.
Attention Landlords and Renters!!
If you are think of renting out your condo and you’d like to learn more about the services we offer, have a look at our hugely popular blogpost- Landlord Services in Liberty Village.
If you are thinking of renting a condo and you don’t know where to start, take a look at our massively popular blogpost- Everything You Wanted to Know About Renting Your First Condo in Liberty Village.
How Many Condos Rented in Liberty Village in March?
March 2022 saw a total of 123 condo rentals in Liberty Village. In comparison, March 2021 had 131 rentals- a minor 6.50% decrease in condo rentals year-over-year. We can put this decrease into context when we look at the average monthly rental prices in March 2022 versus March 2021. Spoiler alert: prices were much lower, given it was one of the peak months of what we coined “pandemic pricing”. We will go into detail about it later on in this post – so keep reading for that!
Now, let’s dive into month over month. When comparing March 2022 to February 2022, there was a substantial 24.24% increase in condo rentals month over month. If you read our sale stats blog post, you know that condo sales also increased month over month. We predicted this, as the transition from the Winter market to the Spring market, historically, brings more inventory and increased activity.
Rental volume tells us part of the story. Let’s look at prices. Did values increase, remain the same or decrease from March 2021 to March 2022? Let’s take a look at the average rental price for all types of condo rentals year over year.
The average rental price in March 2022 was $2,433 on the 123 rentals. The average rental price for the rentals in March 2021 was $2,117. A 14.93% year over year increase in rental price – pleasant news for Landlords! Now, this is the part where we put the year-over-year number of condo rentals into context. As demonstrated above, prices were 14.93% lower, this time, last year. Naturally, Renters were eager to secure an amazing deal – something that NEVER happens in a city like Toronto. This explains why the number of rentals were higher in March 2021 – people won’t ever pass up on a GOOD deal! Especially, considering, many thought that 2021 would be a new start for increasing rental prices. In this way, many rushed to grab a rental deal before it was seemingly over with.
The average rental price in March 2022 was $2,433 on the 123 rentals. The average rental price for the rentals in March 2021 was $2,117. A 14.93% year over year increase in rental price – pleasant news for Landlords! Now, this is the part where we put the year-over-year number of condo rentals into context. As demonstrated above, prices were 14.93% lower, this time, last year. Naturally, Renters were eager to secure an amazing deal – something that NEVER happens in a city like Toronto. This explains why the number of rentals were higher in March 2021 – people won’t ever pass up on a GOOD deal! Especially, considering, many thought that 2021 would be a new start for increasing rental prices. In this way, many rushed to grab a rental deal before it was seemingly over with.
Now, if we look at the average rental price through a month to month lens, the numbers are EXACTLY the same for February 2022 and March 2022 – it’s extremely odd for the numbers to be the exact same but this tells us that rental prices neither increased nor decreased month over month. If we think about the 24.24% increase in condo inventory when comparing February 2022 to March 2022, this starts to make sense. If there is an increase in supply and demand stays relatively the same, prices will likely adjust as well. Now, this is definitely cool news for Tenants, but we’ll tell you about that in the next section.
So, What Does This Mean for Renters?
When analyzing the March 2022 market statistics, our advice for Renters is to secure a deal quickly if you can. Average rental prices remained the same, meaning you could’ve snagged a unit for a February price in March. Usually, average prices increase month-over-month, so it’s great news that some Tenants got a bit of a deal in March. The number of rentals picked up from February to March 2022 and we predict that they’ll continue to do so as the Spring market progresses. This is especially relevant when you consider the 14.93% year over year increase in rental prices. Get your foot in the door before the prices increase further. We called last month’s rental market perfectly healthy and we’re calling this month’s the same! If you want to get your condo search started now, email our rental specialist Kylie or fill out our Contact Form.
So, What Does This Mean for Landlords?
If you’re a Landlord, you may be scratching your head at the lack in price change. We explained it a bit in the Tenants section, but we’ll tell you about it here as well. We saw that inventory from February to March 2022 went up 24.24%, meaning, there were significantly more units for Tenants to choose from in March than February 2022. When inventory is replenished, AKA supply is higher, prices will adjust. Yearly, prices increased by 14.93% and we’re not surprised by this. This has been the case and we expect prices to continue to increase as time goes on. It’s a great time for you to list your unit, as a Landlord, as we are moving farther into the Spring market, the fruitful real estate market, historically.
Set yourself up for success by touching base with a rental expert as soon as possible. Our rental specialist, Kylie, will keep you privy to all comparable leased units in the meantime, prepare a thorough marketing strategy and ensure you are on the best track to get major dollar for your unit. To learn more about the Landlord services we offer, have a look at our hugely popular blogpost- Landlord Services in Liberty Village.
Any predictions for the remainder of the Spring market or early Summer market? Let us know in the comments below.
If you have any specific questions about the market or are curious as to how this relates to you, get in touch. Email our rental specialist Kylie or fill out our Contact Form.
