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The ability to work from home is a particular motivator.
It’s prompted some people to buy a bigger house.
It’s prompted others to flee the city for smaller communities in Ontario such as Flesherton, Thornbury or Collingwood, where there’s way more bang for your real estate buck and a good environment in which to raise kids.
Space concerns have caused older buyers to put their downsizing plans on hold. Maybe now — when your garden offers peaceful space for socially distanced entertaining — is not the time to shrink everything into a 600-square-foot condo.
“The pandemic is changing the way people live,” states Boris Kholodov, an agent with Royal Lepage — Johnston & Daniel Division.
“Some of these changes will be permanent. Working from home has become a reality for many and housing needs will be adjusted accordingly.”
Kholodov sees a softening in the condo market and attributes part of that to first-time buyers not purchasing right now.
And, he said, some people have been put off condo living by COVID — lineups for elevators, masks in the lobby, stuck inside with little or no outdoor space.
A statement from Royal LePage says the luxury condo market has softened, down a tad in Toronto (1.6%) and in the GTA (3.6%), which could mean more choice for those interested in a high-end condo.
The average Toronto luxury condo tops $1.8 million.
“Right now, a city house with an elevator is a lot more attractive to the older population,” said Kholodov.
