From June 2020 through late November 2020, condo buyers could expect to pay less for a condo in the 416 than 6 months prior. This “COVID discount” amounted to an approximate 8-10% reduction in price. This is now over.
416 condo inventory on MLS peaked at 3,700 units in mid-October. As of January 4/21, just 1,781 units were for sale in the ‘416.’ Generally, from early January, the inventory of units shoots up weekly. By the end of February/21, we would expect 2400 units for sale. The actual inventory on March 1/21 was 1204 units for sale. Obviously, the panic sellers and those that migrated to the 905 are out of the market. Short-term thinking has left the marketplace. This is an astonishing reduction of condo inventory for sale. In the first 9 weeks of 2021, we have seen a total return to seller market conditions. There is now a shortage of condos for sale in the ‘416.’ It has flipped to a strong seller’s market. Most condo sellers are selling with 5-20+ offers. Prices have recovered from the COVID-19 discount and are higher than this time last year. If you are a buyer, move quickly as prices are rising faster than they have in years.
Brad J. Lamb