For Downtown Condominium Investors, Currently is the Time to Watch as well as Wait

As condo sales in downtown Toronto slowly creep lower as a result of the COVID-19 pandemic, would-be investors might be thinking that now’s the time to make their move on the market. (adsbygoogle = window.adsbygoogle || []).push({});> But a deeper look at what’s actually going on in both the resale and rental spheres of downtown’s condo scene should encourage potential buyers to pause, and consider the setbacks they may face from jumping into the game right now. “When we talk about whether it’s a good time to invest, we need to look at both current resale prices — that’s the prices investors would be buying at — and, of course, the current rental market,” says John Pasalis, President at Realosophy Realty. Pasalis notes that resale prices are indeed on the decline, but only by “a little bit.” Rents, on the other hand, have decreased by the double-digits; nearly 20% in some cases. “Certainly, if you’re a savvy investor, you might find some value,” he says. “There’s no rule necessarily, but it doesn’t seem right to be paying peak prices — 2020 prices — for rents that are at 2018 levels.”READ: October Property Sales Data Shows Little Demand for “Tiny Condos” And it’s not just Pasalis’ words of caution that should make prospective investors take pause

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For Downtown Condominium Investors, Currently is the Time to Watch as well as Wait

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For Downtown Condominium Investors, Currently is the Time to Watch as well as Wait

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