New York City’s costliest borough - ignored by buyers for much of last year while sales surged in Brooklyn and the suburbs - saw purchase contracts for co-ops and condos double in January from the same month in 2020, appraiser Miller Samuel Inc. Manhattan Apartment Buyers Come Back After Almost a Year Away (Bloomberg) The result: 63 percent of buyers in 2020 made an offer on a home they never saw in person, according to research by Redfin, a real estate brokerage firm. Without the ability to accompany prospective buyers on in-person tours, agents created virtual tours, conducted virtual open houses and used tools such as FaceTime and Google Hangouts to walk around homes while chatting with clients. Redfin: Two-thirds of home buyers in 2020 made offer sight unseen (Washington Post) The world is in the midst of a transformative shift to a digital and carbon-neutral economy, a once-in-a-lifetime investing opportunity, and where are Canadians placing their bets? Houses, for the most part. Now, the addiction is simply embarrassing. While the world is in the midst of a tech revolution, Canadians bet on real estate (Financial Post) “The main restraining factors will be a lack of supply, waning pandemic-induced market churn, a modest creep-up in interest rates and an erosion of affordability. “Historically low interest rates, changing housing needs, high household savings and improving consumer confidence will keep demand (for homes) supercharged,” said Robert Hogue, senior economist at RBC. They both think the strength will continue in Toronto and Vancouver, with prices rising in the months to come due in large part to a lack of inventory for sale and strong demand.Ĭanadian home prices expected to keep rising this year, outpacing inflation (Reuters) We’ve been getting monthly updates from the ground floor from Realosophy Realty’s John Pasalis and Oakwyn Realty’s Steve Saretsky, who help make sense of it all, with advice for anyone trying to navigate real estate markets. “From the environmental perspective this is really trying to shift away from car use and it’s about making it easier to implement different sorts of housing so people can live in the housing they want and increase the supply so hopefully prices can come down,” he said.Įditor's Edition: Why low inventory means price increases for real estate aren't done(Yahoo!)
The review also reflects the city’s growing focus on environmental and affordability issues, said Toronto transportation planning program manager Michael Hain. T oronto to consider ending parking minimums on new developments, imposing maximums instead (Toronto Star) She says the only place where she sees inventory and less demand is in smaller condos under 550 square feet. I was surprised by how much competition there is,” said Siddiqui, who works for a major Canadian bank and lives in downtown Toronto. “Even with discounted prices, it’s still well above $750,000 for an 800-square-foot condo. Toronto’s condo market sees a resurgence as buyers eye an eventual end to the pandemic (Canadian Press) “I see the same buyers going from house to house,” says real estate agent Andre Kutyan of Harvey Kalles Real Estate Ltd., who adds that his clients lost out on two properties on the same day. Nine out of the top ten neighbourhoods had a median price at or below the GTA median.įierce bidding for midtown Toronto homes (The Globe and Mail) The median price for condos in Toronto and the GTA in 2020 was $580,000. If the search for more space characterized our house list, the search for affordability dominated our condo list. The average distance to the downtown core for the nine neighbourhoods in the suburbs was 59 km, with two of the neighbourhoods more than 90 km from downtown.īest Performing Neighbourhoods in Toronto and the GTA - Condos (Move Smartly) Only one of the neighbourhoods on this list was in the City of Toronto. Quite remarkably, our resulting list of top ten performing neighbourhoods for houses (not condos) reflects the urban exodus out of the downtown Toronto core to the outer suburbs in the second half of 2021. In Toronto: The numbers behind the urban exodus and the search for condo affordability, fierce bidding for Toronto homes and a condo bounce back.Įlsewhere: Why price increases in Canada's biggest markets aren't done, the downside to life in a super tower and how long can China's property boom last?īest Performing Neighbourhoods in Toronto and the GTA - Houses (Move Smartly)
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