Everyone’s talking about the Toronto real estate market slowdown, evident in the spring sales numbers, but we’re not worried. This is what happens when the government gets involved. It’s practically clockwork.

Over the last five years, April to May sales activity and prices tended to stay roughly neck and neck. But this spring April and May numbers varied considerably, marking an almost 6% drop in the number of downtown Toronto condo sales and a decreased average PSF for all Toronto condos, down -2.85% in the last 60 days.

Let’s talk about the new Ontario rent control measures and what they will mean for condo owners, landlords, and tenants. It must be said that the impact on landlords is going to be big, but it won’t be as bad as people think.

We sat down with a lawyer from Korman and Company to discuss the legal details of the new rent control measures. Here’s what we learned.

Currently, rent control is not actually legal, but it is very likely to be passed soon. Once it is passed, the new law is going to be retroactive as of April 20, 2017.

The market for Toronto condos is slowing down in some areas, but it’s still highly active in others. Just this week, a downtown listing at Theatre Park had around 40 offers and sold for $200k over asking. Another unit at the East Yorker near the Danforth sold overnight at asking price. Whether up or down, hot or cold, the Toronto condo market is a complex world that needs more than a quick fix.

The temptation these days is to jump to bold conclusions about the various problems and difficulties facing the Toronto condo market. But singular solutions often overlook the complexity of the issue.

As spring rains give way to summer sun, a feeling of change is in the air. For older homeowners, that change may be bigger than breaking out the summer wardrobe. It might be time to downsize your lifestyle, sell that family home, and buy a more manageable residence like a condo. But how do you prepare yourself for the downsizing shift?

In 2011, Canadians over 65 made up 26.1% of condo dwellers in Toronto, and we expect that number to have increased. The 2016 Canada Census revealed that for the first time in census history, the number of Canadians over the age of 65 outnumber those who are 15 years old or younger. For homeowners in this age group, downsizing is a very realistic decision right now.

Last week the Toronto Star published a story about our alternative TTC map that revealed local condo values around Toronto’s subway stations. In the article, Carl Langschmidt noted the Danforth as a great Toronto neighbourhood that has been undervalued when it comes to condo living. With new buildings like Carmelina Condos offering modern condos for sale, we wanted to showcase what makes the Danforth such a great place to live.

Carmelina Condos at Woodbine and Danforth

One of our Condo Pros recently helped a client sell their Liberty Village condo for around $700,000, a property they had purchased last year for around $500,000. The client moved out to Mississauga where they could afford greater square-footage and a loftier lifestyle. With many current condo owners experiencing sizable capital gains in the range of $100-200k, we think that this spring offers a valuable opportunity to sell your condo, regardless of the market mood swing from the crazy winter we experienced.