{"id":18320,"date":"2021-08-06T10:10:00","date_gmt":"2021-08-06T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18320"},"modified":"2021-08-06T09:02:24","modified_gmt":"2021-08-06T16:02:24","slug":"the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/","title":{"rendered":"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth"},"content":{"rendered":"

Canadian home sales have tapered off their Q1 peak but that doesn\u2019t mean every segment of the market has softened.<\/p>\n

\u201cHome sales are unwinding from their stratospheric first-quarter levels,\u201d said a report from TD economist Rishi Sondhi. \u201cWhile we had anticipated a correction, it began a few months earlier than projected in our previous forecast in March. As the buying frenzy subsides, the more affordable condo segment is once again consuming an increasing share of the market.\u201d<\/p>\n

TD anticipated that condo sales would comprise the lion\u2019s share of market activity since low-rise housing has reached astronomical price points. Any time the spread between low- and high-rise housing grows this wide, homebuyers flock to the latter for its relative affordability. Sondhi\u2019s report says that condos will remain popular as the economy continues reopening and people begin spending more time in urban cores.<\/p>\n

\u201cA rising condo share will also be supported by ample available supply. Higher sales of these relatively inexpensive units should help restrain average home price growth. Note that this is the reverse of what happened earlier in the pandemic, when sales of relatively expensive detached units dominated, upwardly pressuring average home prices.\u201d<\/p>\n

In the second quarter of 2021, Greater Toronto Area condo sales reached 8,793 from 3,448 in Q2-2020, said the Toronto Regional Real Estate Board (TRREB), with the average price also increasing to $686,312 from $619,312. Although Q2-2020 was an aberration, the real estate board expects demand to become even more pronounced in 2022 for a couple of reasons: consumer polling conducted by Ipsos on TRREB\u2019s behalf indicated that 40% of buyers this year will be first-timers, the majority of whom will need entry-point housing; the other reason is Canada will receive a record number of immigrants next year.<\/p>\n

\u201cThe second quarter marked a turnaround for the condo market in terms of price growth. Whereas other market segments experienced a resurgence in price growth in the latter half of 2020, the condo market took longer to recover. Looking forward to 2022, condo demand could very well strengthen as immigration picks up and younger people, more impacted by COVID-19, look to purchase a home,\u201d said Jason Mercer, TRREB\u2019s chief market analyst.<\/p>\n

Tom Storey, a real estate broker with Royal LePage Signature Realty in Toronto, added that incoming immigration will drive condo rental prices before spilling over into sales. Moreover, he says that while the price of condominiums is holding at the moment, another reason it\u2019s due to surge is because the spread between detached homes and condos has never been this wide.<\/p>\n

\u201cWhat we saw from January through April was extreme price growth and on average three to five offers on condominiums. As we\u2019ve headed into Q3, the prices are holding but they\u2019ve stagnated for three months in a row,\u201d he said. \u201cHowever, something very interesting, from a value gap perspective, is in February of 2020 just before COVID, the gap between a 416 condo and detached property was about $700,000, and today the gap is $1 million\u2014the largest gap there\u2019s ever been. The last time there was a gap almost this large, condos went up about 20% in the next 12 months, so based on the price gap, it could be argued that condos are undervalued compared to other asset classes.\u201d<\/p>\n

Condo Demand Slated to Explode<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian home sales have tapered off their Q1 peak but that doesn\u2019t mean every segment of the market has softened. \u201cHome sales are unwinding from their stratospheric first-quarter levels,\u201d said … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18320","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Q2 Marked A Turnaround for Condo Market in Terms of Price Growth • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home sales have tapered off their Q1 peak but that doesn\u2019t mean every segment of the market has softened. \u201cHome sales are unwinding from their stratospheric first-quarter levels,\u201d said … [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth\",\"datePublished\":\"2021-08-06T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\\\/\"},\"wordCount\":565,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\\\/\",\"name\":\"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth • Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2021-08-06T17:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/08\\\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling & Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth • Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/","twitter_card":"summary_large_image","twitter_title":"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth • Rory C Real Estate | Oakwyn Realty","twitter_description":"Canadian home sales have tapered off their Q1 peak but that doesn\u2019t mean every segment of the market has softened. \u201cHome sales are unwinding from their stratospheric first-quarter levels,\u201d said … [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth","datePublished":"2021-08-06T17:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/"},"wordCount":565,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/","url":"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/","name":"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth • Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2021-08-06T17:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2021\/08\/the-q2-marked-a-turnaround-for-condo-market-in-terms-of-price-growth\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"The Q2 Marked A Turnaround for Condo Market in Terms of Price Growth"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling & Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/18320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=18320"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/18320\/revisions"}],"predecessor-version":[{"id":18321,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/18320\/revisions\/18321"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=18320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=18320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=18320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}