The high-rise condo market has been in decline since early 2020 due to COVID-related factors.
Recent price increases fail to present a true picture. In the Greater Toronto Area, the number of condominiums sold and new listings are both down.
Rent charged for rental properties has declined and listings increased by 42 percent as of June 2020.
Short-term rental properties are being converted to long-term use as tourism has declined.
Work from home corporate policies has impacted on availability of rental condominium properties. Some have relocated to cheaper areas or back home. Many now work from home or their jobs no longer exist. Others are seeking larger space where they can have a separate office.
COVID has increased the appeal of suburban and rural locations.
A drop in the student population due to COVID has reduced demand for rental accommodation. More students remain at home with parents while taking online courses.
These short-term factors impacting on high-rise condominium communities are expected to reverse in 2021 and beyond, increasing demand for accommodation in high-rise communities.