After a lethargic summer of deals, the GTA’s commonly bustling fall townhouse market is no place to be seen for the current year.
As the long stretch of September finds some conclusion, the GTA saw only 2,480 townhouse deals so far this month, as indicated by another market report from Strata.ca. This is down discernibly from the 3,113 deals in August — a regularly dead month as purchasers are engrossed with other summer-related things.
The September 2021 deals are likewise down from the 3,101 exchanges made in September 2020. Strata.ca real estate professional Alex Hood says that the drop has been recognizable in the month.
“We basically entered a beautiful summer with the lifting of many COVID restrictions, allowing people to embrace some of the joys we had all missed,” Hood said. “As we keep climbing out of lockdown, lots of real estate priorities are being put on hold, and we’re seeing the impact of that well into the fall.”
Fellow agent Sam Massoudi says that uncertainty about post-pandemic life is affecting people’s decisions to buy a condo. “My clients are still deciding whether they need space for a home office, or if they need to move closer to their company’s actual office,” Massoudi stated. “If my clients have to coordinate with their spouse or they have kids, that decision gets even more complicated and can take much longer.”
Townhouses in midtown Toronto, specifically, struggle staying aware of deals, with scarcely 500 deals occurring in September, which is about portion of the 1,033 deals found in March. Different urban areas like Oshawa and Hamilton have likewise experienced critical drops in the quantity of deals.
Indeed, even with all of the market vulnerability that is going on, the GTA’s condominium costs have never been higher. With the normal selling value hitting $703,000, Strata.ca specialist Cliff Liu says that the exorbitance of the market could be to be faulted for a lethargic fall.
“The fall market hasn’t happened yet because housing prices are simply out of reach for most people,” Liu said. “You have no choice but to bury your plans if it doesn’t make sense to spend $1.1 million on a two-bedroom townhome.”