https://padlet.com/celinabianchi/y5nlsr6ch2uasohl By: Celina Bianchi en-us 2021-03-11 15:27:49 UTC 2024-08-31 00:34:44 UTC hello@padlet.com https://padlet.net/icons/png/1f3d8.png celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298669060 Even though the world is going through a scary Pandemic, it isn't stopping Torontonians from buying homes. The average price of a home as of February 2021 in Toronto has shot up to just over 1 Million Dollars which is a 14% increase compared to February 2020, which houses were costing around $910,000.
The Work from Home order also has a big impact on the housing market. Were all a little unaware of what the other side of the pandemic will do to the housing market and the Work from Home orders. ]]> 2021-03-11 15:48:05 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298669060 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298853140 Last spring, the Coronavirus changed the life for Toronto rentals. Because of this, tenants are now negotiating power and asking for more options, which was unheard of before the pandemic. At this moment, it's better for someone to rent out a condo downtown then it is to buy a home.]]> 2021-03-11 16:19:52 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298853140 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298877192 Most job losses ended up being in lower income household, higher income homeowners weren’t as impacted. When lockdown ended in June, buyers went back out into the market, and made prices accelerated (up 15%-20%). Short term, these buyers can afford to purchase a new home, but in a long-term state, its unaware if they’ll be able to keep up with the payments. 
One thing I found extremely interesting is how much Durham Region housing has gone up. The Durham Region is supposed to be known as one of the most affordable regions in the GTA, but average prices a year ago were roughly $650,000. Today, they're well over $900,000.]]> 2021-03-11 16:23:50 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298877192 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298878039 Toronto Housing Market:
Smaller homes such as semi-detached and townhomes are selling at a rapid pace.
Condo Market:
By the end of 2020, there was a surge of condo/apartment sales, mainly investors ready to jump back into the market. If the rental market stays stable and doesn't go flat again, investors will see this as a strength and jump right back into the market. ]]> 2021-03-11 16:23:59 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298878039 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298878422 For the first time since the pandemic, mortgage rates are starting to rise again. 
Currently, the lowest rate for a Canadian 5 year fixed mortgage right now is 1.64%.
It's very unlikely for the market to cool down anytime soon. The market in Toronto has never been hotter. ]]> 2021-03-11 16:24:03 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298878422 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298880453 Rental properties have seen a historic downturn since the start of the pandemic and we're not sure when it'll get better. In September 2020, rental prices for downtown Toronto were at a low of $2,131 per month. Before the pandemic, landlords could throw a number in the air and someone would snatch it up and take it, but now, it's almost a cry for help to seek a tenant. ]]> 2021-03-11 16:24:23 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298880453 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298882167 Average rent price for Canada in February 2021 is $1,714, which is down 6% from February 2020.
Condo apartments have felt the biggest decline in 2021. Average rent in 2020 February was almost at $2,400, but now, in 2021, we're seeing number as low as $1,900. 
Comparing province to province on monthly rental rates, British Columbia and Ontario have experienced very different rental numbers. British Columbia is doing better with the pandemic, going back to 2019, average rental rate was at $1,500. Compared to today's rate which is well above $1,900. Where as Ontario is quite the opposite. Back in 2019, Ontario was looking at an average of $2,100 and now in 2021, down to $1,900. ]]> 2021-03-11 16:24:39 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298882167 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298882687 The number of condos listed for sale/ rent in the last quarter of 2020 doubled from the same time the previous year. 
Meanwhile, the average selling price fell 1.1% at about $600,000 for condos. Those who purchased condos and then turned around to rent them out, had to charge less for rent a month then they would've a year ago due to the pandemic. 
The time to buy houses was at the beginning of the pandemic because once the borders open up again and vaccinations start to take off, condo prices will skyrocket once again. ]]> 2021-03-11 16:24:44 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298882687 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298884478 This comparison chart shows how much homes have increased since the start of this pandemic. ]]> 2021-03-11 16:24:59 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298884478 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298884902 You can see from this comparison chart how much rental units have dropped from Quarter 4 in 2019, to Quarter 4 in 2020. ]]> 2021-03-11 16:25:04 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298884902 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298962154 2021-03-11 16:38:04 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1298962154 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1362010983 Welcome to my wall! Here you will learn about the Toronto/ Canada Housing Market, mainly how the Global Pandemic has changed the way people buy and sell homes, as well as how drastically the rental market has changed over the course of just one year. ]]> 2021-03-28 20:48:48 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1362010983 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1362017964 Something that really surprised me after doing all the research for this assignment is how badly the rental market suffered during the Pandemic. I knew the housing market and buying homes skyrocketed but I never realized how cheap rental properties became, especially condos downtown Toronto. ]]> 2021-03-28 20:54:22 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1362017964 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1362019950 I am currently looking for a new place to move to, most likely a a condo or apartment for rent. So, I chose this topic with that in mind and it has really opened my eyes on where to look when finding a rental. After doing lots of research, I realize that if I want to find a condo, the best time for me to rent a place out is now. Sooner rather than later the rental market is going to jump up again, so now's the time. ]]> 2021-03-28 20:55:49 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1362019950 celinabianchi https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1362022791 If there's one thing I can take from all the research I've done is if you can, buy an apartment, and rent it out. The time to buy apartments is now and rentals are bound to go up soon, so if you're looking for extra income, rental properties is where to go!]]> 2021-03-28 20:57:43 UTC https://padlet.com/celinabianchi/y5nlsr6ch2uasohl/wish/1362022791