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Soaring house prices could push buyers back to condo market
It’s no secret Toronto’s condominium market has suffered amid the pandemic. Listings flooded the market and rents dropped as city dwellers fled the downtown in search of single-family houses with ample space to work and learn.
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Try refreshing your browser, or Condo market will come back with a fury Back to video
But demand for condos in the city is rebounding and “will come back with a fury” when life “returns to a version of its former self,” says Heather Hadden of Hadden Homes in Toronto. “By the end of 2020, investors and end users started to come back, hoping to cash in on heightened supply, lower prices and greater negotiating power.”
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Good riddance to 2020. It was a challenging year by any
stretch, but the industry prevailed with the hard work of many
front-line condominium personnel including, but not limited to,
cleaners, security staff, superintendents and property
managers. While we are not out of the woods quite yet, a big
thank you goes out to all of those who kept the industry afloat
during 2020.
Now that we have turned the page, we look forward to what 2021
has to offer. While the pandemic undoubtedly will play a
Declarants will be
required to provide purchasers of
pre-construction residential condominium units with the new Condo
Guide, developed by the Condominium Authority of Ontario
and the Ministry of Government and Consumer Services.
The Condo Guide becomes part of the disclosure statement
package. The Purchasers
10-day rescission period
begins only after the developer has provided both the disclosure
statement AND the Condo Guide.
The requirement
applies to all new sales of
pre-construction condominium units on or after January 1, 2021,
regardless of whether the project launched prior to that date.
Effective February 1, 2021
New Home Construction Licensing Act, 2017
( NHCLA )
The NHCLA will be proclaimed into force and will establish a new