This has been a challenging year for many people around the world. COVID-19 has changed our lives in so many ways. Staying safe and positive has become the new order of the day. What was once easy is a little harder, now. Thank goodness for technologies like Zoom, Skype, and FaceTime that keep us connected in spite of the distance
The GTA market has been active, but spotty. The pandemic has changed how we work, and where we do it. As the overall number of listings has increased, we’ve seen a flip-flop as the activity in 905 surpasses that of 416. The suburbs are thriving.
At the risk of repeating myself, the downtown condo market is the weak spot in Toronto’s housing picture. Many condo investors have been hit hard by the downturn in the rental market and they are off-loading their units. The soaring supply is tipping the scales in favour of the buyers. Condo prices have plateaued in Greater Toronto and Vancouver, and so has demand for rental properties.
With reduced immigration and rising unemployment among lower-income Canadians, we can expect condo prices to fall in the foreseeable future. In the freehold market the persistence of tight overall demand-supply conditions will maintain a strong upward pressure on prices – bringing affordability issues once again.
In the meantime, let’s hope that all the small, independent retailers, barber/hair salons, gyms and restaurants find a way to get through these tough times and re-open soon. Let’s all do our part to stay healthy, respect others by wearing a mask and keeping our distance. One day soon we’ll all get back to the hugs and kisses we’ve been missing.