See You Monday!

Opinion | December 11, 2020


I need the break, for sure.

But when you see the year-end posts on Monday and Wednesday, you’ll be glad we “rested” on Friday.

For those just dying for a topic…

“Foreign Ownership Registry A Game Changer In B.C. Say Real Estate Insiders”

And if you still need something to discuss, then how about predictions for the “Top Five Blog Posts of 2020” as well as the “Top Five Real Estate Stories of 2020.”

Have a great weekend, folks!

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17 Comments

  1. Appraiser

    at 9:43 am

    Aristotle postulated that “nature abhors a vacuum.” He explained nature contains no vacuums because the denser surrounding material continuum would immediately fill the rarity of an incipient void.

    As nature abhors a vacuum so does the 416 condo and commercial real estate market.

    Covid-19, not economic factors, caused the exodus. With vaccines poised to bring this unexpected downtown diaspora to end, is it not logical to conclude that the void will now be filled?

    1. Chris

      at 9:52 am

      “While some people in my industry are confident that the downtown condo market will see a swift recovery in early 2021, I’m not as optimistic.

      In a recent BNN Bloomberg interview, I discussed why any return to the condo market will be tied to a return to the offices of the downtown financial district. Today, the financial district is a ghost town. People are not back in their offices in part because it’s impossible get thousands of people to their desks efficiently when you can only have three people at a time in an elevator due to Covid-19 restrictions.

      If people do not have to commute to the office, then there is no longer a need to move to a condo a five minute walk away. Assuming Canada’s vaccine rollout goes as planned and the majority of Canadian’s are vaccinated by September of next year, I still do not expect things to be “back to normal.”

      The return to downtown offices will likely be a gradual process for most companies and I expect the return of the downtown condo rental market will also be gradual.”

      – John Pasalis

      https://www.movesmartly.com/hubfs/Reports/2020/December/MoveSmartly_Dec2020_Report.pdf

      But more importantly, what does Socrates have to say on the topic of Toronto real estate?

        1. Chris

          at 3:18 pm

          Wait, so caprice, clear something up for me: are you now aligning with Tal’s predictions, or still dismissing them?

          https://torontorealtyblog.com/blog/does-a-lateral-move-ever-make-sense/#comment-128342

          “The country’s economy won’t fully absorb slack before 2023, keeping inflation below the 2 per cent target over that time, the central bank said in new quarterly forecasts released separately.”

          – BNN Bloomberg reporting on the BoC’s forecasts

          “The economy isn’t poised to return to pre-pandemic levels before 2022.

          There remain several big risks to 2021 growth. The distribution, effectiveness and public acceptance of vaccines are still question marks. The structural damage, through long-term unemployment and delayed investments, could also impede any rebound.

          The work-from-home model is here to stay, to some extent and for some workers. With so many employees demanding remote work, and experience showing that it often works well, companies will need to create flexible arrangements if they’re to compete in tight labour markets for highly skilled and mobile knowledge workers. While this flexibility will vary greatly across industries and workers, it will have implications for commercial and residential real estate and the design of our cities.”

          – Navigating 2021, RBC Economics

      1. Appraiser

        at 8:54 am

        You put me more in mind of Plato and the allegory of the cave.

        “some are only able to see the shadows cast upon the cave wall in front of them”

      2. Appraiser

        at 9:01 am

        So the argument is over how “swift” the recovery will be.

        Got it.

        1. Chris

          at 9:44 am

          Clearly. Nobody here has postulated that the economy will never recover.

      1. Thomas

        at 11:21 pm

        That was actually me! Had left the name as Bal last time when we had the discussion about posting with any name we want! My bad!

  2. Daniel

    at 10:33 am

    In today’s Toronto Star letters:

    “Weep not for condo investors, they are risk takers.”

    Re: Condo market puts investors in bind (Toronto Star, Dec. 10)

    Let’s not shed any tears for the folks who invested in an unbuilt condo and who now stand to lose money when the condo is completed. They are speculators. They speculated that the market price would go up and it did not. Speculation by definition means risk. Also these are the very people who have inflated the price of condos because they compete with people who are actually looking for a place to live. Condos have been hugely overbuilt for years in Toronto in part to satisfy the demands of speculators.

    Larry Rose, Toronto

    1. Elle O'lelle

      at 12:38 pm

      So investors have created a sort of quantum superposition of both buying too many condos while also spurring record condo building?

      We have both “overbuilt” condos yet they are “too expensive”

      This is the kind of incomprehensible editorial standard which we can expect from the Toronto Star

      1. Fearless Freep

        at 12:52 pm

        Well, it was only a letter not an opinion piece. You hate The Star, we get it.

      2. Appraiser

        at 8:38 am

        Instead of journalism there is often nothing more than puerile incitement, often characterized by the creation of demons, in this case “investors” who are not to be pitied.

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