What a year 2020 has been. We have all experienced myriad of ups and downs. As many of us face what has been coined “COVID fatigue,” it’s no wonder that we look for new ways to create excitement and connection during a time of social distancing and working from home or in a smaller capacity.
In terms of real estate, the buyer’s habits changed during the pandemic. Toronto has seen a huge surge in house values, while one-bedroom condos, in particular, have slowed down and dropped in value since the height of the market in the days leading up to our first pandemic lockdown. Rural, suburban, and cottage countries also had a massive spike of sales and values as buyers scrambled to find more space to live in and on, away from the city.
Many of us were tired of the pandemic caused hollowed-out city of Toronto. Without the live entertainment, cultural perks, office community friends, restaurants and cafes, we saw people seeking nature to unwind in. Alternate lifestyles to manage this unprecedented time.
The post-pandemic Toronto is on the horizon. What we love about Toronto will return.
The Good News
The life that we love will return to Toronto.
Many people are moving away from the city, but most will return in time. There will be an explosion of joy and culture once the vaccine rolls out. We need it. The pandemic has shown us the importance of connection, neighbourhoods, community, and celebration.
What makes Toronto world-class will return.
Because it’s all of us that make our city special, it’s the people from different cultural backgrounds that make our city so special. It’s vibrancy, the hum of the city, the nightlife, the hustle and bustle of people as they return to the streets.
There’s no question that it’s been hard. A big reason is that we don’t have our social and work communities to maintain our normal sense of balance, purpose and belonging. Dinners and BBQs with friends. Live sports. Live Theatre and music. Art Galleries.
Worklife will return. Perhaps less office time, but we think many Torontonians may enjoy a work-from-home day or two a week (acknowledging that the kids will be back in school again.)
Toronto’s condos will fill up again with students, immigrants, workers, and those who want to experience the city’s excitement. It may not happen overnight, but normalcy will return to our Toronto.
Not So Sure?
New York City had seen vacancies in 2020 like they had not seen since the 1970s when the crime was high, and the city was teetering on bankruptcy. New Yorkers returned. Why? NYC is an incredible city with so much to offer. It will happen again. There is only one New York City in this world. We will want to return to visit.
There is only one Toronto. It’s quite similar to NYC. People will want to return. Toronto will be a destination again.
Once the COVID-19 vaccine rolls out, people will not need to fear the public space. Toronto will be free to be open, engaging, vibrant and inviting once again.
Exciting times lie ahead.
What we love about Toronto will return!