June Real Estate Update
Everyone….just like that another month has come and gone. There are a few market updates I will provide in this email, but the majority will be new listings, and a survey! It would mean a lot to me if you could take 2 minutes out of your day to fill this out. Everyone that fills it out, will be entered into a draw to win an uber eats gift card!
WOW, the “new norm” is here, and freeholds are not sticking around. We are seeing the classic “bidding war” in many areas of the city. The further away from the core, the less competition there is for properties. Condos are a different story…see below
Let’s have a chat about the condo market, primarily downtown. The submarkets of Leslieville, The Beach, Parkdale, Leaside, etc. are not experiencing any major downturn in value. Area’s of the city where heavy with foreign investment was at play, are experiencing a dip in prices (Bay St, waterfront communities, Yorkville, etc.).
Not seeing a major decline in pricing just yet. It is going to be an interesting summer for bar owners, boutique shops, and retail in general. Not to mention landlords that own retail properties, that too will be an interesting situation as we move further into the summer months.
For people thinking that the freehold market is going to crash, here is some food for thought:
How many people do you know that have lost their jobs due to Covid-19? How many people do you know that have contracted Covid-19? I personally don’t know many people that have lost their jobs (maybe
1-3 people), and I, fortunately, know only one person to have caught the virus. What I am eluding to is that it requires mass layoffs to make the real estate market contract, and I am not seeing it at the moment (see the investors column for the caveat).
What I will say, is that this summer will be interesting, in terms of how we re-open. Historically the summer months are much quieter on the real estate front, but if the general population isn’t allowed to go to restaurants, parties, concerts, etc. I don’t know if the summer months will be any quieter than what we are seeing now.
Stay safe out there!