Furnished Condo Listings Spike + Housing Market Belies Downturn

In Toronto: Airbnb conversions into long-term furnished condos spike and potential trouble looms in the housing market. 

Elsewhere: Purplebricks pulls out of Canada, Americans are about to lose their homes but it's different from 2008, and the '15-minute' city.

Wondering what to make of the Toronto area housing market right now? Join us at our online Toronto Real Estate Summit featuring over 20 top experts from the Bank of Canada, the Toronto Regional Real Estate Board and more. Watch on demand starting July 20. Free to register. Learn more


Toronto sees 52% spike in furnished condo listings, pointing to Airbnb conversions (The Globe and Mail)

The Greater Toronto Area is seeing an increase of furnished condos hitting the long-term rental market as investors flee Airbnb and related services because of bylaws and travel restrictions that have severely reduced bookings.

Toronto housing market belies economic downturn, but potential trouble looms (Financial Post)

Housing markets during COVID-19 are suggesting a shift in preferences to larger ground-oriented units with balconies or backyards from smaller dwellings in highrises. Condominium sales, which usually dominate housing transactions in the City of Toronto, were down by 13.6 per cent in June from the year before. Condominium sales also declined in the suburbs.

Prince Edward County real-estate boom signals a fundamental change (The Globe)

Mr. Hull says the coronavirus and the measures imposed to contain it seem to have prompted many people to think about a change in lifestyle. As restrictions were eased and the market began to open up again, buyers swarmed to Prince Edward County, which is about two hours east of Toronto.

Realtors in Toronto urge governments to expand housing supply in COVID-19 relief plan (Global)

Even though the number of home sales fell during the pandemic, prices were stable because buyers and sellers pulled back in equal measure, TRREB estimated. If listings lag, it could crunch supply, said TRREB, assuming that the spread of COVID-19 continues to be contained.

The summer when houses were hardly selling in Toronto (CBC)

The cobwebs on the graphic over The National host George McLean's shoulder weren't there for Halloween. They were meant to illustrate the stagnant nature of the Toronto housing market in July 1982. "People who would like to buy a home are confused about what the government is doing to help them," explained CBC reporter Larry Rose.

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