The condominium market has slowed in Toronto this summer, except for one cadre of buyers. Downsizers who have cash to spend are driving sales.Farah Omran, senior economist at Bank of Nova Scotia, notes that condo apartments led monthly price gains in June compared with May. Nationally, the condo segment of the Canadian Real Estate Association’s MLS Home Price Index accelerated 2.3 per cent on a seasonally adjusted basis during the period.
Those looking below the $1.5-million mark are more likely first-time and move-up buyers who need mortgages, he says, and they become increasingly cautious as rates and prices rise. Another buyer who had recently sold a house purchased a unit at 181 Davenport Rd. with just less than 1,500 square feet of living space for $2.59-million.
Windows that open have been more of a draw than balconies for condo buyers says Mr. Dalinda, and the condos at 50 Yorkville Ave. boasts plenty of window space with views of the city.“You’ve got a lot of empty nesters with deep pockets looking for something like that.”A trend that has not let up since the pandemic began is that downsizers looking for a condo are much more steadfast in their need for a unit with a terrace or balcony.In June, Mr.
Mr. Dalinda notes that in the second week of August, Humber Bay Shores had 149 units listed for sale under $1-million. In the range from $1-million to more than $6-million, there were 46 units on the market.Mr. Dalinda says most downsizers are interested only in a turnkey unit with outdoor space.