How Covid-19 hit Toronto Real Estate
Shit is crazy right now.
If you ask 10 Toronto Realtors about what they predict will happen in real estate in the coming months, you will get 10 different answers. This I feel stretches into every industry known to man….minus of course Netflix and Amazon that just reached their all-time high today!!! Doctors, lawyers, stockbrokers, etc. all have different opinions about where this is all going, and honestly… it’s confusing as hell. There are so many moving pieces to this.
What is comforting is that I just ordered a 12 pack of Krispy Kreme donuts that are being dropped off at my door (It’s my roommates birthday)… and this move ALWAYS helps. Highly recommend taking a play out of this “quarantine playbook”…
***wipe down packaging before mass consumption***
Toronto Real Estate predictions
– Retail is going to have a tough time. Restaurants will have to adapt or face shutting down. Small commercial landlords are going to feel the cash crunch, and will likely have to sell off pieces of their portfolio. Commercial storefronts…rezoned to residential? This pandemic will
absolutely change the current real estate climate. The downtown core will likely feel the weight of a correction, but it won’t be as dramatic as the “burbs”. It’s all really tough to say what will happen. I
certainly am not going to pretend that I know where this is going, because like I said before…I don’t
think anyone knows.
What I will say is that there are some “deals” to be had. First-time home buyers, you will have another chance at getting into the market. Historically, when the market dips in Toronto… it’s not for long, and housing value drops by 1-3%. Not a huge margin, and very rarely do buyers ever have leverage. So…to summarize…first-timer home buyers and smaller residential real estate investors, it could be your time!