The latest housing data came in this morning and you may have noticed that condo transactions were actually down 8.5% year-over-year in the City of Toronto. Inventory in the condo market is up over 3 1/2 months, and sales are down, specifically in the 416. That said, I would not be betting against the condo market anytime soon. By my last count, we had close to 145 cranes in the air….that’s more than Manhattan, Miami, and Los Angeles combined. The future of Toronto is in growing up, not out. We have the water to the south, the greenbelt to the north, so there are restrictions on home building. And that’s not even mentioning affordability and the price of single detached homes. Covid-19 has brought renewed attention to the suburbs but the future of Toronto is in the condominium market.
