Yes the Condo Market is dropping; But not everywhere

 

There are a number of High Density Condos that have been in the news lately for different reasons; 

AIRBnb Units owners in fight over ByLaw changes that prohibit  AIR bnb operators access in certain condo corporations.

Vacancy Rates Cause 20 - 30% drop in Rents.  

Covid has caused an exodus from the core with people moving elsewhere to work from home.  This has driven the prices on RENTALS down by almost 30% in some neighbourhoods.

While this is a catchy headline its not a universal axiom.

Barry Lebow, Broker with RE/MAX Ultimate  posts...

It is easy to look at data and accept the results at face value. When those of you who are interested in the Toronto condominium market please understand, the data is raw, not pure. It is not filtered.

If I were analyzing the data I would break it down to:

1) units that lack balconies

2) units that are under 600 square feet

3) units between 600-800 square feet

4) then in variances of increasing size

5) locations, with the inner city skewing the data

In general, we have not noticed declines in livable, home condominiums. Livable to me, at least 850 square feet and with a balcony.

If we draw a boundary of say Eglinton Avenue across Toronto and look at the data south of that line versus north of that line we would have different results. There would be some influence from the overly high density Yonge-Eglinton sector though.

As one pushes into the Toronto suburbs of say Willowdale, Downsview, etc. one does not notice a decline in pricing.

Data at best is a stew with all ingredients tossed in to blend but mathematically data does not truly reflect anyone segment of a market.

Units that are at 1,000 square feet, 2 bedrooms with a den are not subjected to the same FLEE or Fight mentality; it houses families.

Units with a view of Lake Ontario have not been impacted at all.  In My building there are 279 units.  At the last disclosure statement there are only 35 Rental Units.  Slightly above 10%.

MOVE UP Home Buyers vacating the downtown core are fighting a headline but are having difficulty getting showing to sell.

If you would like to talk

Book a phone call 

The Dirty Dozen Reasons you still need me

The Newspapers and media are telling you, how things have changed, you can do everything by yourself and all the information is there...  on the internet

but....

1. I know where to look up what I need; If I don't know from experience.
2. I provide a needed buffer or filter between other agents and builder's agents for puffery and embellishment. I am your wingman.
3. Realtors have specific neighbourhood knowledge. I don't serve the entire GTA from Oshawa to Milton, nor would I dream of going with you to Peterborough. I work a radius of a half hour from 427 and the QEW.
4. Since, I work a smaller area, I generally have seen and know what has sold and for how much as a barometer of value.
5. This permits me to evaluate asking to sale prices based on improvements and square footage. Similarly, even Condominiums next door to each other can have vastly different values.
6. While I recommend an asking price and disclose my expectations of what a seller should expect on a final offer, the Seller decides their own asking price, as the Buyer TRIES their First Lowball Offer  I do not factor in memories and experiences.
7. We need to understand what market conditions exist that govern your asking prices and time for sale. Are we in a Buyer's or Seller's Market?
8. We are able to present or receive your offer without emotion; in a business like fashion. Too often, Buyers and Sellers are too emotionally vested in the unique improvements that they installed in the house. We will negotiate on your behalf.
9. The paper work required to protect you and disclose information to Buyers is getting longer and disclosure is required. We complete all the paperwork, even attending at inspections and the final closing with you.
10. We have working relationships with other service providers, inspectors, appraisers, accountants, lenders, lawyers, trades people for repairs and agents to find listings.
11. When Purchasing a Home Verified Reports are available for knowledge of previous Insurance Claims (IE flooding) 
12. When Selling a Home I can provide Transaction Insurance to guarantee a smooth closing without delay.

Realtors are freeing up the equity that has been locked in properties very often, for 20 or 30 years. While technology has changed our communication methods from mail, to phone, to fax, to email; the underlying function and responsibilities remain the same. Presentations are done iPad or Powerpoint but we need to listen to your needs, Identify the challenges you face and propose solutions.  If I can do that in your presence, face to face, or if need be on the phone, voice to voice,  then I have done my job well.

Or you can email or text me at 647.218.2414