Condo Market: Condos To Cottages
We had an unseasonably cool spring this year, something we haven’t seen for some time.
The usual transition from rain to heat was ‘middled’ by some good old fashioned spring — the season of promise as it always has been.
The market, however, hasn’t shown any signs of cooling. Kathleen didn’t scare us. Great new highrise opportunities along the subway lines present and future downtown and many places north, east and west showed their mettle. They were sold in days. As is customary, realtors within the community of choice often get the first opportunity to showcase the product to their constituents, a hint for those who want to get into their location of choice at the early stages. Everything made of wood and steel continued to dominate, offering an alternative to the highrise, often presenting larger spaces and favourable pricing. Usually found in infill pockets in your favourite neighbourhood, many of these are just another form of condominium — smaller amenity packages, correspondingly lower maintenance fees — but located in places where house pricing is unattainable for many.
Condo pricing remains favourable. Smaller spaces but still a huge gap between freehold pricing. The resale market has been crazy; average sold to asking price in recent months was reported over 111 per cent. Wow! We’re seeing the seasonal slowdown in that market although few think prices will actually drop. They typically stop rising, which is good for all.
With the ‘condominiumization’ continuing to govern our landscape, and high housing prices still looking for more movement and opportunities just outside of the GTA, affordability is always key. Look for opportunities in cottage country. The trend towards owning more than one home, i.e. a condo in the city and a place in our great north, can only continue. The number of people owning more than one home will continue to rise perpetually.
A great opportunity should present itself in Muskoka this summer, offering homes on multi million dollar Lake Rosseau for a fraction of that price, tarting in the sub 700K range — not unlike the stacked and townhouse product that presents itself in the city for those who need a home but not a big house. Look for other cottage opportunities in other parts of the province; technology allows us to work remotely and the city remains a tough place to navigate.
The barometer is rising but the opportunities aren’t showing any signs of rest. Enjoy the summer. But if you’re in the market for a home, recreational or otherwise, keep your eyes open. We’re in full swing!
MARK COHEN is a founding partner of The Condo Store Marketing Systems, a firm specializing in the design, marketing and sales of condo and new home communities in and outside of the GTA.