Parents are eyeing the current weakness in the Toronto condo market as an opportunity to buy for their adult children
While investors eschew the condo segment altogether and downsizers tread cautiously, an emerging cohort of buyers has entered the arena: well-established homeowners who are eyeing the current weakness as an opportunity to purchase units for their adult children.awash in inventory, it can be difficult to stand out, says broker Davelle Morrison of Bosley Real Estate . So she recently decided to hold an open house for a corner suite with a view.
Alexandra Ducharme, economist with the National Bank of Canada, estimates sales of condos in the Greater Toronto Area edged up 0.6 per cent in September from August on a seasonally adjusted basis following a 10 per cent drop the previous month.As a result, conditions in the condo segment are tilted considerably in favour of buyers compared with the historical average.
Ms. Morrison says the buyers returned three times but walked away from each counter-offer with the explanation that they had lots to choose from. She figured the unit at that particular address offered something competing properties did not: “They obviously want their grandchild and daughter to live in the building,” she says.In the Grange Park neighbourhood near OCAD University, Ms. Morrison listed a ground-floor unit with an asking price of $536,000.
Her listing for a studio apartment at 121 McMahon Dr. near Sheppard Avenue East and Leslie Street in North York also drew enquiries from parents.Ms. Morrison is working with another client looking to buy one condo unit for each of his kids. He plans to find tenants for the units until the kids are finished university and ready to move into them.At 300 Balliol St., Ms. Morrison has listed a two-bedroom, two-bathroom corner suite with an asking price of $898,000.
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