Realosophy's John Pasalis talks to BNN's Greg Bonnell about record month in which sales surged 64.5 per cent year-over-year amidst double-digit gains in all property types.
December was a record month for the housing market in Toronto.
"There's been an unbelievable turn in the market. People looking at low-rise homes had an urgency to buy, creating a very competitive market. Towards the end of November there was a real increase for condos, largely driven by investors wanting to jump back into the market," said Realosophy Realty President John Pasalis in an interview with BNN Bloomberg.
Investors are returning to the condo market though rents are still down: "The buyers have seen that downtown [Toronto] [condo] prices are down 10% from the peak [in February] and they're seeing that as a buying opportunity to jump in and are optimistic that the downtown condo market is going to be recovering sooner rather than later," said Pasalis.
Other topics discussed include whether the condo market can continue to strengthen if the pandemic-driven demand for single family houses continues and whether the pandemic-drive demand for houses further out from Toronto is sustainable.
Click on video above to watch full interview.
John Pasalis is President of Realosophy Realty, a Toronto real estate brokerage which uses data analysis to advise residential real estate buyers, sellers and investors.
A specialist in real estate data analysis, John’s research focuses on unlocking micro trends in the Greater Toronto Area real estate market. His research has been utilized by the Bank of Canada, the Canadian Mortgage and Housing Corporation (CMHC) and the International Monetary Fund (IMF).