Toronto home sales surge 24.3 per cent in November, but condo prices fall

TORONTO — November brought a sense of urgency to the Toronto real estate market, where COVID-19 has people buying and selling homes for “completely different reasons” than before the pandemic, according to Peel-based broker Bethany King. 



a sign on the side of a building


© Provided by The Canadian Press


With schools restarting in January and many children and parents home for remote learning during the COVID-19 pandemic, buyers were willing to push their budgets to get a more spacious home in place for the new year, says King, a team leader at Century 21 Millennium Inc. brokerage.

 “A huge draw to being in the city was all of the things that happen in the city,: the festivals, the nightlife, parties and gatherings. But all of that is gone now,” says King. “A lot of people don’t see the value in living in a place with so little square footage.” 

Pockets of listings have also cropped up from

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City report recommends tax on vacant Toronto homes



a tall building in a city: Officials say the tax would increase Toronto's housing supply and that revenue generated through the tax could go to support affordable housing projects in the city.


© Global News/Matthew Bingley
Officials say the tax would increase Toronto’s housing supply and that revenue generated through the tax could go to support affordable housing projects in the city.

A report that recommends implementing a tax on vacant Toronto homes in 2022 will be put forward to the city’s executive committee next week.

City officials say the tax would increase Toronto’s housing supply by encouraging people to sell or rent their unoccupied home and that revenue generated through the tax could go to support affordable housing projects in the city.

Read more: Canada planning foreign buyers tax in effort to lower country’s housing prices

“We knew before the pandemic that we needed to increase the supply of affordable housing and ensure the city remains a place where all members of the workforce can contemplate living,” Toronto Mayor John Tory said.

“The vast majority of Toronto residents will not pay

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Toronto home sales surge 24.3 per cent from Nov. 2019, but condo prices fall

TORONTO — November home sales in the Greater Toronto Area were up 24.3 per cent compared with last year, as demand for single-family homes continued to surge ahead of condos, the Toronto Regional Real Estate Board said on Thursday. 



a sign on the side of a building


© Provided by The Canadian Press


The board says there were 8,766 homes sold in the month, up from 7,054 in November 2019. The average price was $955,615, up 13.3 per cent from $843,307 a year earlier.

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Board president Lisa Patel says homebuyers continued to take advantage of very low borrowing costs in November, especially those looking to buy some form of single-family home.

While detached home prices rose to an average of $1,202,281, up 15.2 per cent from November 2019, average condo prices fell two per cent to $605,863.  

Compared to November 2019, average prices were also rising more quickly in the suburbs than in the city’s core,

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Toronto home prices forecast to grow 6 per cent next year

Re/MAX is forecasting a six per cent increase in Toronto home prices next year after what one of its executives called a “wild ride” in 2020.

Home prices rose 12 per cent on average in the first 10 months of this year compared to the 2019 12-month average.

Despite the pandemic, the average home price for the period of Jan. 1 to Oct. 31 was $918,883 — about $100,000 above last year.

If Re/MAX’s Canadian Housing Market Outlook report proves right, that average will climb to $974,015 by the end of next year.

The report, published Tuesday, says that move-up and move-over buyers drove even greater price gains in the 905 communities surrounding Toronto and some smaller Ontario centres this year.

“People are really looking at their living situations. They are forced to buy and make decisions out of necessity,” said Christopher Alexander, Re/MAX executive vice-president for Ontario and Atlantic

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Condo sales have dropped by more than 50% in some downtown Toronto buildings

If ever you need solid evidence of how much Airbnb has impacted Toronto’s condo rental market, look no further than the city’s waterfront communities in 2020.

The COVID-19 pandemic has changed the residential landscape unlike anything we’ve ever seen in Toronto, driving up demand for detached homes, flooding the market with tiny condos and subsquently pushing rent prices into a downward spiral that shows no signs of stopping.

One reason behind this increase in condo supply pertains to office workers leaving their tiny downtown pads in search of larger, less-expensive homes — places where they can comfortably live and work, no commute required.

Another major driver of the trend has to do with Airbnb-lords selling off their vacant short-term units now that borders are closed and tourists are no longer clamouring for places to stay.

In an effort to better understand “the extent to which condo buyers and sellers were

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Toronto Condo Prices Down Over $20k From Peak, As Inventory Doubles

Greater Toronto real estate is on fire… just not condo apartments, which is seeing a lot of sellers. Toronto Regional Real Estate Board (TRREB) data shows condo apartment prices slid for a fifth month in October. Condo sales are fairly in line with last year’s numbers, except in the city. However, inventory has more than doubled in just a short time.

Greater Toronto Condo Prices Are Down Over $20,000 From Peak

The price of a typical condo apartment across Greater Toronto is higher than last year, but coming down fast. TRREB reported the typical condo price reached $585,100 in October, up 6.15% from the same month last year. The City of Toronto condo benchmark reached $611,100, up 4.55% from last year. Both regions have seen prices slide since May, taking its toll on growth.

Toronto Benchmark Condo Price

The price of a “typical” condo apartment in Toronto.

Source: CREA, Better

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Shawn Mendes Shares Views From His Toronto Condo In New Netflix Documentary

Not even a superstar like Shawn Mendes can escape Toronto’s never-ending construction.

A clip from the Canadian singer’s Netflix documentary “Shawn Mendes: In Wonder,” released Monday, is proving to be very relatable for people who love the city, but hate the unsightly premium real estate projects that plague it.

Originally shared by Canadian Press reporter David Friend on Twitter via screenshots, the clip shows Mendes enjoying the downtown skyline from his Toronto condo last fall.

“This view is, like, the best view I have ever seen in Toronto,” the 22-year-old remarked, walking to his balcony to look at the panorama surrounding the CN Tower.

But his delight quickly turned into distaste.

“Except for them building this gross thing. What is that?”

In the clip, he gestures to the array of construction cranes before running a hand through his hair, as he states the traditional response to ugly urban planning: “Oh

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Developers target suburbs as condo demand in downtown Toronto falters amid pandemic

The condos and office towers in the city of Mississauga are seen in the distance with the town of Milton, Ont. in the foreground on Oct. 15, 2019.

Fred Lum/the Globe and Mail

Toronto suburbs are experiencing a boom in condo project launches and preconstruction sales, as the pandemic’s work-from-home trend entices homebuyers to look outside the city.

Suburban condo projects accounted for 65 per cent of all launches in the Toronto region in the third quarter of this year, according to the latest data from industry research group Urbanation Inc.

This is not the first time suburban condo development has surpassed the city’s but marks the widest margin on record. As well, sales of preconstruction condos more than doubled in the suburbs compared with the third quarter of last year, while sales dropped 16 per cent in the city of Toronto over the same time period.

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Real Estate Broker Michelle Kam Provides Guide to Buying Pre-Construction Condos in Toronto

Press release content from Accesswire. The AP news staff was not involved in its creation.

In a recent article, Michelle Kam shared a guide to navigate the pre-construction condo market

TORONTO, ON / ACCESSWIRE / November 9, 2020 / Michelle Kam shared a guide for purchasing a pre-construction condominium in Toronto in a recent article for Your Amazing Places. She shared the many different aspects that buyers should consider before finalizing a sale.

Michelle Kam has more than 15 years of experience in the real estate industry and specializes in selling pre-construction condos and houses in Toronto.

In the article, Ms. Kam broke down how down payments on pre-construction condos differ from those of an existing condo. She explained that for condos that are already built, homebuyers may be able to put down as little as 5% as a down payment, but with pre-construction condos,

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Real Estate Broker Michelle Kam Provides Guide to Buying Pre-Construction Condos in Toronto – Press Release

In a recent article, Michelle Kam shared a guide to navigate the pre-construction condo market

TORONTO, ON / ACCESSWIRE / November 9, 2020 / Michelle Kam shared a guide for purchasing a pre-construction condominium in Toronto in a recent article for Your Amazing Places. She shared the many different aspects that buyers should consider before finalizing a sale.

Michelle Kam has more than 15 years of experience in the real estate industry and specializes in selling pre-construction condos and houses in Toronto.

In the article, Ms. Kam broke down how down payments on pre-construction condos differ from those of an existing condo. She explained that for condos that are already built, homebuyers may be able to put down as little as 5% as a down payment, but with pre-construction condos, that amount jumps to anywhere between 15% to 20%.

An experienced mortgage provider who was worked with various condo developers

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