Last year, the demand for condos dipped in major cities including Toronto, Vancouver, and Montreal. Units flooded the market as people left for the cheaper-ish suburbs, renters gave up leases to move back home (hi, mom!), Airbnbs sat empty, and fewer international students needed accommodation. Toronto’s condo market, which dipped 8.5% last October, is slowly coming back to pre-COVID prices, but there’s still quite a bit of inventory on the market, Morrison says. Which means if you’re looking to buy one, you may score a bit of a deal. Prices will return to “normal,” she believes, when people can move around and travel again. So, 2022?
