Look at price trends over the past 3 years for Downtown Toronto vs Vaughan condos:
After the pandemic hit, Downtown Toronto condo prices went down and are now averaging what they did about 3 years ago.
In contrast, Vaughan condo prices have held strong. They actually peaked higher in November 2021.
Downtown Toronto condos haven’t been sitting on the market for this long in 5 years but Vaughan,
Vaughan’s DOM #s are …normal. Things look, well, business as usual.
But wait, BOTH downtown Toronto and Vaughan condo listings surged tremendously after the pandemic
yet, Vaughan’s # of sales also surged tremendously.
Can’t say the same for downtown Toronto. While sales look ‘normal’ in Downtown Toronto, relative to the past years. But since, listings are up a huge amount, sales should be too and they’re just not.
This suggests that people aren’t necessarily shying away from condos through this global pandemic.
It’s more about WHERE the properties are — and perhaps how much of the market is composed of investors.
Take a look at more condo stats for communities across Greater Toronto here or dive deeper into the Downtown Toronto market too here