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Toronto’s Downtown Condo Market Back in the Black, Thanks to Baby Boomers and Their Kids

Author: 
Robert Van Rhijn
Publication date:
June 4, 2022
Article Summary: 

Toronto's Downtown Condo Market Back In The Black, Thanks To Baby Boomers And Their Kids
Data so far for the month of April shows the downtown market is firmly back in the black at +3.5% year-over-year.

In the past 30 days alone, downtown saw 775 condo transactions with an average sale price of $812,000.

Baby boomers cashing out; mortgage anxiety kicking in.

If you're wondering why downtown values are on the rise following a year of declines, the answer may lie in family decisions.

Realtors note that Ontario's baby boomers are selling their homes to help their kids break into the housing market.

He's referring to a proposal from Canada's top banking regulator to raise the mortgage stress test level to either 5.25% or two percentage points above the market rate; whichever is higher.

Downtown's rental market remains down by -15% year-over-year.

Keywords: 

Toronto's Downtown condo market, Downtown Toronto condo market, Toronto downtown condos, downtown condo, Toronto real estate market, Toronto housing market, Toronto housing prices

Source Citation: 
Robert Van Rhijn
Toronto’s Downtown Condo Market Back in the Black, Thanks to Baby Boomers and Their Kids
June 4, 2022
https://strata.ca/blog/torontos-downtown-condo-market-back-in-the-black-thanks-to-baby-boomers-and-their-kids
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