The sentiment around downtown/urban condos has completely changed over the last month or so. This is happening in Toronto and, from what I hear, it’s happening in many other cities as well. Carolyn Ireland published an article in the Globe and Mail today called, “For downtown Toronto condos, the worm has turned.”
But I can also speak to what we (and our colleagues in the industry) are seeing on the ground. A sense of urgency has returned. Prices are starting to push upward. And people are buying. The last few weeks have also seen some very successful condo launches in the city including 8 Wellesley by CentreCourt Developments. I can’t remember if they sold out in 7 minutes or 7.5 minutes.
None of this is necessarily surprising. Interest rates are low. The US is doing a good job at vaccinating its people. Single-family home prices have exploded over the last year (pushing buyers toward condos). And there seems to be an emerging view that the second half of this year is going to be pretty good. (This was my view at the beginning of the year and stand behind that position.)
Today was a beautiful spring-like day in Toronto. I was out for a site visit this morning and the sidewalks were filled with people milling about and enjoying the sunshine. City life isn’t going anywhere my friends. Long live the city.