"In my 20 years covering the market, I have never seen rent declines like this."

It was the best September on record for Toronto home sales, with 42.3 per cent more sales closing last month than in September 2019.

"The development here is going to fundamentally alter the character of the neighbourhood. This is a vibrant, successful, mixed-income community and this is going to change all that."

Home sales in the Greater Toronto Area posted a record for August as they rose 40.3 per cent compared with a year ago and prices shot higher, the Toronto Regional Real Estate Board said Thursday.

According to a report released this month by the online brokerage Zoocasa, the number of condos listed for rent in Toronto spiked 45 per cent in the second quarter of 2020, compared to the same time last year.

July was a record-breaking month for Toronto real estate sales, as 11,081 homes changed hands.

TRREB president Lisa Patel attributed the dip in sales and new listings to potential buyers holding off on purchases as COVID-19 spread across Canada.

"It’s hard to say how long these trends will last, but we’re certainly seeing these early signs of people moving to the suburbs."

As home prices rise, a group of Toronto realtors say governments should focus economic recovery plans on housing supply and be careful of stoking too much demand.

"I've sold 12 properties since March and four of them have been in bidding wars and eight of them have gone over ask."