Surprising Toronto Home Price Rise + Condo Sales in Big Drop

In Toronto: Condo sales fall to their lowest rates since the Great Recession but house price activity is returning to pre-pandemic highs. 

Elsewhere: The CMHC issues a warning on wealth inequality, Google extends WFH well into 2021, and Europe's housing market shows signs of life. 

Available on Demand: Watch 20+ expert interviews on the state of Toronto area real estate


Toronto’s frothy housing market seeing ‘bonkers’ price activity (The Globe and Mail)

Mr. Macdonald says rapid price gains in the first three months of the year reminded him very much of the euphoria that suffused the market in early 2017. The market abruptly seized up in March as government and health officials asked people to stay home in an effort to halt the spread of the novel coronavirus.

New condo sales drop by 85% — but GTA prices hit record high (Toronto Star)

“New condo sales dropped 85 per cent year-over-year as only six projects and 1,176 units were launched for presale during the quarter, which compares to 40 projects and 11,415 units launched in Q2-2019,” the firm said in a news release Monday.

Toronto condo sales fall to the lowest level since the Great Recession (Yahoo)

David Fleming, broker at Toronto Realty Group, says he typically sells around ten condos a year to investors. “I have not sold a condo to an investor since pre-COVID, the phone just stopped ringing,” said Fleming last week during the virtual Toronto Real Estate Summit, hosted by Realosophy Realty.

Toronto city council votes to legally challenge Bill 184 (CP24)

The council voted 22-2 to fight the bill known as Protecting Tenants and Strengthening Community Housing Act, which housing advocates say would weaken tenants’ rights after the pandemic and make it easier to evict them. In his motion, Councillor Gord Perks stated that the amendments in the act are “contrary to rules of procedural fairness and natural justice.”

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