Real Estate

Coronavirus impact on Real Estate

  • Last Updated:
  • Oct 26th, 2020 7:52 am
Deal Fanatic
Oct 7, 2007
7460 posts
3567 upvotes
If things go back to "normal" relatively quickly, I think the scars on the economy will be short-lived and the CERB will, in theory, have given us the band-aid we needed to tie things over.

If, however, things continue to stay closed for very much longer and with the continued doom, gloom and fear that continues to be perpetuated by our media, I think people will react by finding a new normal and this will mean that once those people find their new normal by making big changes in their life, they may not go back to the way things were pre-pandemic even when things do eventually normalize. Pessimism may be more powerful than optimism in keeping the economy stifled and it is starting to seem like things are going to be uncertain for a long and indefinite period of time. And at some points businesses will have to shut their doors because people cannot keep funding a losing proposition. I experienced this in 2008 when many businesses just waited and waited for things to normalize and at some point they just had to throw in the towel.

I am agnostic on a personal level to how long we live like this but on a national level I think our country will suffer in many different ways if we continue to keep people living this way. I don't think the condo market will be exempted from this, either.
Sr. Member
Apr 18, 2017
560 posts
419 upvotes
So anyone going for that 2 months free + $1500 incentive condo at Yonge and Eglinton Smiling Face With Open Mouth And Cold Sweat
Deal Fanatic
User avatar
Sep 8, 2007
8635 posts
9402 upvotes
Way Out of GTA
Interesting dispersion of hot spots...further from the core, seems to be the hottest...from Zoocasa
1EF42D22-0308-49BC-AF7E-019422843B26.jpeg
"It is in times of great fear or greed that the most opportunity exists."
Deal Fanatic
Feb 22, 2011
7251 posts
7665 upvotes
Toronto
cartfan123 wrote: Interesting dispersion of hot spots...further from the core, seems to be the hottest...from Zoocasa
1EF42D22-0308-49BC-AF7E-019422843B26.jpeg
PKrash probably really mad he can't post here anymore. He was telling everyone years ago condos in the core are silly and you should buy houses in Oshawa to rent out, better ROI and growth potential.
Member
Jan 5, 2020
490 posts
523 upvotes
joepipe wrote: more condos!

If you look at the stats, condo sales have gone up quite a bit compared to same time last year. However, inventory is outpacing sales but this might soon reverse.

I personally think that the city exodus is over hyped. Its great to be out in the wild during the warm spring\summer months but I think it is better to be in the city during winter. Commuting becomes more difficult in the winter too.
Deal Fanatic
Feb 22, 2011
7251 posts
7665 upvotes
Toronto
Newuserid wrote: If you look at the stats, condo sales have gone up quite a bit compared to same time last year. However, inventory is outpacing sales but this might soon reverse.

I personally think that the city exodus is over hyped. Its great to be out in the wild during the warm spring\summer months but I think it is better to be in the city during winter. Commuting becomes more difficult in the winter too.
I completely agree, I don't think there is any long term possibility of deurbanization. We can't even afford consolidated infrastructure, the chances of it being built out in more urban sprawl is never going to happen.
Sr. Member
Jun 13, 2009
680 posts
370 upvotes
Toronto
mazerbeaner wrote: I completely agree, I don't think there is any long term possibility of deurbanization. We can't even afford consolidated infrastructure, the chances of it being built out in more urban sprawl is never going to happen.
Even if we could afford it, it would take centuries to build at the current pace of approvals and construction.
Deal Addict
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Aug 21, 2009
4526 posts
312 upvotes
If you are serviced by the GO train/public transit for where you need to work outside of the core, it is not so bad (thinking as far as Barrie or Hamilton) as long as you know what kind of commute you are getting into sitting on a train or bus there and back...

If you need to drive those distances with GTA traffic... RIP even if you can WFH 3 days a week but still need to go in. At least on transit you can rest or get some work in.
Member
Sep 28, 2008
394 posts
92 upvotes
I think downtown is done. Banks might never go back to office full time. A friend of mine just told me their company is surveying for hoteling setup and getting rid of permanent desks.
Deal Guru
Feb 29, 2008
12236 posts
7352 upvotes
Medellin wrote: I think downtown is done. Banks might never go back to office full time. A friend of mine just told me their company is surveying for hoteling setup and getting rid of permanent desks.
Face With Tears Of JoySo downtown will be a ghost town like I AM Legend? The burbs will be bustling? Where do you guys get this stuff from?
Member
Dec 23, 2012
290 posts
280 upvotes
RICHMOND HILL
Medellin wrote: I think downtown is done. Banks might never go back to office full time. A friend of mine just told me their company is surveying for hoteling setup and getting rid of permanent desks.
that is a very big leap from something your friend told you lol
Deal Guru
Feb 29, 2008
12236 posts
7352 upvotes
joepipe wrote: more condos!

I read all these nonsense opinion pieces and wonder who's writing them? No tenants have left. None of my friends are thinking of leaving. Family isn't leaving, etc. People need to get a grip. Anti-condo crowd is working overtime I see.
Member
Sep 28, 2008
394 posts
92 upvotes
Mosho1 wrote: that is a very big leap from something your friend told you lol
Banks are sleeping giants that are bout 5-10 years behind any fintech startup.

The fact that they're considering changing from the norm says a lot.
JayLove06 wrote: Face With Tears Of JoySo downtown will be a ghost town like I AM Legend? The burbs will be bustling? Where do you guys get this stuff from?
It's hard to explain to someone like you who probably doesn't work in the financial district. IYKYK.
Newbie
Mar 23, 2015
48 posts
68 upvotes
Toronto, ON
Medellin wrote: Banks are sleeping giants that are bout 5-10 years behind any fintech startup.

The fact that they're considering changing from the norm says a lot.



It's hard to explain to someone like you who probably doesn't work in the financial district. IYKYK.
Believe it or not, the city is populated by more than bank employees and encompasses a larger area than the 10 square blocks of the financial district.

It's hard to explain to someone that probably only ever goes to the financial district. IYKYK.

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