Momentum in the Greater Toronto Area real estate market has swung back to the city core as buyers feel more optimistic that urban life is undergoing a renaissance.
Resale inventory dropped to one month of supply in the first quarter, Urbanation says, from a bloated five months of inventory in the third quarter of 2020. The average price of a resale unit remained 4.7-per-cent lower in the first quarter than in the same period last year. One year ago, he says, the outlook for condos was dire after sales in the Greater Toronto Area plummeted 72 per cent from April, 2019.
Many Toronto residents who had been thinking about leaving the city for a small town or the countryside moved up their plans when the“People who were on the fence for 10 years decided to do it. There was this massive surge in the suburbs and outside the GTA. That seemed to be at the expense of Toronto.”
One downtown resident recently paid more than $2.2-million for a three-bedroom suite in a boutique building which is still under construction at 1181 Queen St. West.
Yes, if you call living in those, life.