Real Estate

Zoocasa: "Median prices for condo apartments fell $65,000 (10 per cent) between February and April to $574,000"

  • Last Updated:
  • May 30th, 2020 5:34 pm
58 replies
Deal Guru
Feb 29, 2008
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Not much stock, not many buyers. Let’s see if this becomes a trend.
Deal Fanatic
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Feb 2, 2014
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Toronto
What this article fails to mention, is that condo prices increased by 6% from Jan 2020 - Feb 2020 (yes, only 1 month).

February was a very hot month. So if you compare many months to February, it will look like the market is booming or tanking.

With mortgage deferrals, a slow power of sale process (especially during COVID) and nobody wanting to sell or buy, you won't see a "major" (relative term, I know) for some time (if any). Just my 2 cents.
Last edited by CdnRealEstateGuy on May 14th, 2020 1:10 pm, edited 2 times in total.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
Feb 29, 2008
12204 posts
7321 upvotes
CdnRealEstateGuy wrote: What this article fails to mention, is that condo prices increased by 6% from Jan 2020 - Feb 2020.

February was a very hot month. So if you compare many months to February, it will look like the market is booming or tanking.
Apparently sold prices have gone up in May. Very small sample and not vetted. But I’m very interested to see how this all comes together.
Deal Addict
Aug 21, 2007
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gave up on rfd for g…
JayLove06 wrote: Not much stock, not many buyers. Let’s see if this becomes a trend.
And people who have lost jobs have at least 2000 a month for a while. Let's see what happens when people have nothing. Dude, it is going to be a mess.
Left rfd
Deal Guru
Feb 29, 2008
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mkjr wrote: And people who have lost jobs have at least 2000 a month for a while. Let's see what happens when people have nothing. Dude, it is going to be a mess.
How many of those are buying properties? And how many will go back to work? What freebies are on the way? It’s not going to be roses but no one knows how bad.
Jr. Member
Nov 5, 2017
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Jan and Feb was strong because of BOC and US fed cutting rates, people got bullish on properties until Covid hit us in Mid March
Deal Fanatic
Jul 3, 2011
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Thornhill
I don't know about all areas, but I do know that Toronto's freehold and condo apartment prices are surging significantly so far in May almost as though Mid March through April never happened.

It seems forgotten or at least gone unnoticed that even as good as It was earlier this year, prices were still below the highs of 3 years ago - March and April 2017 but were set to top them.
Sr. Member
Sep 24, 2006
823 posts
123 upvotes
Interesting. Do you this surge downtown (C01) as well?
licenced wrote: I don't know about all areas, but I do know that Toronto's freehold and condo apartment prices are surging significantly so far in May almost as though Mid March through April never happened.

It seems forgotten or at least gone unnoticed that even as good as It was earlier this year, prices were still below the highs of 3 years ago - March and April 2017 but were set to top them.
Deal Addict
Nov 24, 2013
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Toronto
Family loans for down-payments are probably going to be hard to come by as well.
Deal Guru
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Mar 31, 2008
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JayLove06 wrote: How many of those are buying properties? And how many will go back to work? What freebies are on the way? It’s not going to be roses but no one knows how bad.
I still think Sept. and after is when you'll see some movement. Alot more strain/benefits running out or it won't be renewed at the same rate, realization of how sustained this new world is (airbnb hosts I know are just trying to hold on for about 3-4 months since the start of the lockdown), more condos coming online.
Jr. Member
Nov 5, 2017
161 posts
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well I got letter from city of Toronto, no more grace period, slowly but surely squeeze will begin, Let's see how long Banks, B lenders, Pay day and credit card holds on .
Jr. Member
Nov 5, 2017
161 posts
142 upvotes
on a side note, no one talks about Home Capital Group, They are not looking for warren buffet now or they got bailed out by Govt already
Deal Fanatic
Jul 3, 2011
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Thornhill
hank755 wrote: Interesting. Do you this surge downtown (C01) as well?
It's especially telling that C01 is also surging.

My stats are unoffical and may include errors which are best left to TRREB's algorithms to identify...

Where February 2020's price was the high for condos in C01, May up to yesterday is besting the average by approximately 6% and the median by almost 5%,

It is approximately 29% and 16% consecutively, better than April.

I want to add, this only changed with the daily activity of the last few days so the reason behind the surge canenot be determined with just a few days.
Last edited by licenced on May 14th, 2020 8:41 pm, edited 2 times in total.

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