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Toronto increasingly out-of-reach for first-time buyers
It’s been dubbed ‘the rise of the suburbs.’ People have been craving more space as they work from home amid the pandemic and buoyed by expectations that remote work is here to stay, they’re still relocating from Toronto to the suburbs.
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“During the first wave of the pandemic, we saw a massive shift from urban centres to small towns and suburban neighbourhoods,” says Phil Soper, president and CEO of Royal LePage. “Across the country, the revival of these secondary cities has become a driving force of the market, attracting buyers of all ages.”
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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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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.”