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Between historically low interest rates and nearly a year’s worth of savings, coupled with seismic shifts in where and how people work and live, much has changed in a year.
For people with money to burn, the age-old idea that there’s money to be made in a downturn certainly applies. And that’s what this is — a downturn not a crash. Investors aren’t gone they’re on standby, watching and waiting intently as they attempt to time the bottom of the market.
With optimism on the vaccine front, interest rates likely to hold for the foreseeable future, and a government scaffolding our economy with stimulus, the conditions are right for investors looking to scoop up some deals in anticipation of the recovery. And looking at the December sales figures, an uptick in condo sales in the last week of the month indicates we may be on the up again with prices sure to follow.
Simply put, Toronto will always be Toronto and one day COVID will be behind us, the downtown office towers will be full again and the city will again be a magnet for business, industry and culture. Investors know this.
The wild card here will, of course, be the pandemic itself — with what’s sure to be a dark winter ahead of us, it’s hard to even imagine life on the other side, let alone what an economic recovery will look like.
But even on our darkest days, we can rest assured it’s a when not an if.
— Brynn Lackie is a second generation realtor and life-long resident of Toronto
