Addressing Concerns related to Condo Market/High rise Investments SYED HASSAN Royal Le-Page, Royal Brokers
Year 2020, will be remembered in
The Condo rental vacancy rate is
restrictions
history. This year has left unprece-
getting higher by the day and it’s hard
5. Buyers tend to buy single homes
dented impact on everyone, every
to sell condos these days.
instead of condos to get more space
sector all over the world.
and have the option of working from The common factors bringing the Condo
home.
Fortunately the Canadian Real Estate
market down are:
6. Covid: Sense of more safety in
Market and especially the Ontario
1. Restrictions and closures in city
single homes as compared to
Real Estate market are among the
hubs
Condos. Problem areas could be:
few lucky sectors. The real estate
2. Working from home, not from
social distancing, elevators, common
market remained strong and steady,
offices, especially in the downtown
areas, closed areas etc.
during this time of the pandemic
core where everything is almost
7. Return on investment is uncertain.
thanks to the strong financial support
empty
by our federal and provincial govern-
3. Students in Universities studying
Response and Reasons
ment.
virtually from home, not returning to
The key term is wait and patience.
campuses and not occupying condos
The Condo market will improve soon.
Still the Condo market has shown
as their place of residence
Good news is that the Vaccine is
weakness and problems in rental and
4. All short term rentals are almost
around the corner. Once the vaccine
sale.
gone, due to lack of travel and
rolls out, city life will start coming
W W W. M B E F O RYOU. C O M
MBE BUSINESS MAGAZINE JANUARY 2021
73
