This month being the first month of the year, I think it is important to touch on the current status of the Condo Market in Toronto and its potential fate in 2021. I had personally started noticing week over week (close to about 5 weeks ago) a pattern emerging. This pattern was that the surge of listings that we had seen over the last quarter of 2020 was starting to level out. Instead I have been seeing more and more condo statuses updated to ‘Sold’ or ‘Sold Conditionally’, than new listings. That noticeable pattern to me has now become what I believe is the beginning of the end of the bottoming out of this market.
The opportunity for Condo Buyers to have finally been able to secure a place in Toronto is still viable. I just believe from what I see on the ground and among my colleagues that there is going to be an upward shift. October and November saw 1,438 and 1,375 condo sales respectively. While in December, we saw a slight uptick at 1,551. Specifically, the two most popular submarkets within Toronto’s core saw their highest level since 2019-May. So we are starting to see upward movement and listings level off.
If you are interested in securing a condo property in Toronto – whether as an end user or an investor, now is the time. If you have any questions or are interested in any specific listings feel free to reach out, we should chat sooner than later.