August 2022
Midway through the pandemic, Phil Soper of Royal LePage observed that “People are focused on the three Ps of the pandemic; puppies, Peloton and property.”
Few were equally observant.
“People are focused on the three Ps of the pandemic; puppies, Peloton and property”
Puppies
People craving pet companionship was unprecedented. Working from home meant isolation, and more disposable income to spend on a companion. Puppies were selling for $3,500 each through much of 2021, with more exotic breeds selling for $6,000.
By mid-2022, there was a glut of dogs and prices dropped to $800. Humane societies are now inundated with adult dogs.
High-rise communities struggle with more dogs than ever before with many owners failing to properly care for them. More waste. More damaged grass, furniture and carpeting. More complaints about dogs barking, urinating in elevators and scaring residents.
Peloton
Communities closed down exercise rooms to deter residents from exercising and congregating. They purchased Peloton bikes and other exercise equipment. More residents complained about excessive noise. Now, people have tired of exercising in isolation and are returning to their high-rise exercise rooms. Workplaces have reopened along with sports leagues, gyms and pools. Used Peloton bikes can now be found on Kijiji. Many of these items are appearing in trash rooms for disposal.
Property
The value of high-rise and other homes took off during the pandemic. Now they are reverting back to levels that are more affordable. Higher mortgage rates, which make it harder for people to afford a home, are reducing prices further. Nobody knows how low home prices will drop as the market resets to a level where sustainable supply and demand coexist.
High-rise communities have had no choice but to adapt to these trends. More pets and units with exercise equipment have created ongoing challenges to building management. Higher mortgages mean owners have less disposable income to pay higher monthly condo fees arising from our pandemic-induced choices.
