The Covid-19/Pandemic has certainly shifted the trends in Toronto’s housing market since it first arrived last March, and it seems Condos in the City’s most luxurious neighborhoods are among some of the hardest hit.
According to a report from a real estate website Strata, the Condo markets in Yorkville ,the Annex and Casa Loma have seen the biggest declines in value over the past 12/months. ” Buyers will often prioritize value over luxury when in a recessionary environment, ” said Strata broker of Record Robert Van Rhijn in a statement.
“Even those who have the means to purchase high end properties are likely to hold off. Sometimes they worry that Luxury might become devalued, resulting in a wait- and- see approach.”
In the Annex, according to the report , the condo market saw a 29.96% drop in value, while Bloor-Yonge decreased by 11.98% , Yorkville by 11.79% , Casa Loma by 11.13% and Bay St. Corridor by 6.32 percent. Findings show that Condo inventory levels in all of these neighborhoods aside from the Annex are also currently nearly double what they were during the same time last year.
“I have investor clients who ere once so proud to own a property in a luxury neighborhood. But they had no idea a pandemic like this was going to hit and drive immigration out of the city, ” Masoud said.
“So now some of them have sold. For those who didn’t , they are renting these places out for very cheap. That’s why we are seeing such low rents in some luxury areas.”
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