Toronto - Return to Downtown Core?

Many Torontonians put their downtown Toronto condominiums on the market, in order to move further out of the city into the suburbs where they were able to afford homes with yards. However, two developers do not expect this trend to continue as the pandemic is nearing its end.

During the 2021 Land and Development Conference that was held in June, the impact of COVID-19 on buying trends and design was examined.

Data revealed that 2020 sales of condominium units in the 905 region surpassed the sales in the 416 region for the first time. One developer revealed that he believes this trend is not likely to continue, and sales will increase again in the downtown core, however it will not be exactly as it was before but likely something in between the two trends.

The reason behind the flocking to the suburbs is due to schools being closed for in-class learning, and offices being closed. However, once things reopen, there will be many people relocating back to the downtown core.

At the moment, restaurants, sporting events, theatre, fairs and other events are all closed, leaving city life dead. Once things reopen, school starts in the fall, and workers return to the office, it will bring back the vibrant city life again, which will drive people to want to be downtown again.

Many workplaces will have more flexible working arrangements going forward. This will necessitate condominiums being built with co-working spaces, libraries, and office equipment.

Read the article here: https://torontosun.com/life/homes/return-to-the-downtown-core

Posted by Kevin Sharpe on

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