Mr. Boyko notices the change most markedly in condos with asking prices under $1-million, which are seeing less interest from first-time buyers than they were a few months ago.
But while entry-level condo sales cool, units selling for $1.5-million to $2-million and up remain in high demand, Mr. Boyko says. Large units with outdoor terraces are selling quickly as baby boomers and empty nesters see the appeal of living downtown or on the waterfront. “Why did they pick downtown? Because they don’t want to be bored,” he says. “Our youngest demographic and our oldest demographic both want the same thing: entertainment.”As listings for single-family houses come onto the market, Mr. Boyko is noticing the odd paradox that buyers move to the sidelines just as bidding wars calm down, instead of taking advantage of the lull. Some properties are not selling on the night reserved for reviewing offers.
Typical competitions often saw 10 or 15 bidders vying for a property in the early months of 2021, he says. Now three to five buyers might submit bids on offer night in many places. The biggest increases in prices and sales for his firm have been Barrie, Ottawa and Niagara, he says. “So far that trend seems to be holding firm.”But while a stream of people has moved out of downtown Toronto during the worst months of the pandemic, Mr. Lusink doesn’t expect the exodus to continue at the same pace.
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