‘If you can’t sell your condo you can’t move up’: Will the drop in Toronto’s downtown condominium prices spread to detached house prices?

Toronto’s softer condo sales and prices have so far remained at odds with the region’s blazing single-family home market.

Many realtors and economists say the condo sector will regain its momentum once workers return to their downtown jobs and classes, and the stream of immigrants starts flowing again to the Toronto area.

But not everyone buys that.

Investment adviser Hilliard MacBeth, author of, “When the Bubble Bursts: Surviving the Canadian Real Estate Crash,” said the single-family home market will inevitably be affected by the condo sector.

“For almost everybody, if you want to buy a single-family home you’ve got to sell something,” he said. “The problem is, if you can’t sell your condo you can’t move up.”

The average price of a condo in the city of Toronto edged up by less than one per cent year over year in October. The number of active listings, however, soared by 125

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Tiny micro-condos are flooding Toronto’s real estate market

There’s never been a better time to be in the market for a “micro-condo” in downtown Toronto — or a worse time to live in one, I’m afraid.

Once hailed as the future of downtown real estate, these ultra-tiny, sky-high units — some so small that they can’t fit ovens — were immensely popular in Toronto two years ago, when vacancy rates were at historic lows and rent prices were skyrocketing.

Now, thanks to the pandemic and all of the various lifestyle changes it has inspired, realtors are having trouble selling off anything less than 500 square feet — let alone getting contracts signed for piddly pre-construction pads.

The proof is in the pudding, as they say, if “pudding” is to mean “local housing market data.”

Real estate broker and prolific data analyst John Pasalis of Realosophy released a comprehensive report on Wednesday detailing how the GTA market is faring

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