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Top Real Estate News of the Week: February 6 to 12

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Another week in Toronto has come to a close and, from February 6 to 12, real estate news continued to take our desktops by storm. In fact, you may have struggled to keep up with it all!

And, let’s be real: everything — *gestures vaguely* — is a lot right now, so there’s a fair chance you don’t want to spend your weekend doom-scrolling, trying to catch up on all the latest stories about what’s up, what’s down, and what’s not budging. In fact, we wouldn’t recommend it.

To make your day a little easier, we’ve gathered up this week’s top articles and assembled them below. Consider this place your Toronto real estate news digest, where you can get the picture before you go outside to get some (socially distanced) fresh air.

With that, we’ll get right to it. Here are your top “storeys” for the week:

1. Listed Luxe: Kyle Lowry’s Rumoured Toronto Home Listed For $5.3M

A real estate listing in North York has recently popped up, and rumours are swirling that it belongs to Toronto Raptors star, Kyle Lowry. While there’s no official confirmation, there are a few signs that lead us to believe the rumours could be true…

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2. Average Price for All GTA Home Types to Eclipse $1 Million in 2021

Following a year like no other, the Greater Toronto Area (GTA) housing market is poised to have a strong, record-setting 2021, with the overall average price for all home types on track to eclipse the $1 million mark for the first time.

“The pandemic certainly resulted in an unprecedented year for real estate in 2020, but it hasn’t put a  damper on the overall demand,” said Jason Mercer, TRREB Chief Market Analyst.

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3. From Speculation to Confirmation: Downtown’s Condo Market is Back

It seems — finally —  what has long been “speculation” can now be called “observation,” as industry insiders and real estate civilians alike are no longer predicting how the could-be comeback of downtown’s condo scene might play out. Instead, we’re living it.

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4. Following ‘Volatile’ Year, Demand for Rental Units Will Remain Strong in 2021

Demand for rental units will remain strong in 2021, which will result in current inventory levels being absorbed, according to the Toronto Regional Real Estate Board (TRREB). This comes as rental transactions followed a “volatile” path in 2020, with the first quarter starting relatively strong, but transactions dropping more than 20% year-over-year in Q2. The steep decline was a result of overall economic uncertainty, with many renters refraining from committing to long-term leases.

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5. Condos in These Luxury Neighbourhoods Have Lost the Most Value During COVID

It’s well understood that when it comes to the various housing markets in Toronto, the sectors with increased personal and outdoor space — such as ground-level homes on the city’s edges — have seen an influx of activity through the pandemic. Conversely, tiny condos in the downtown core have attracted fewer buyers (up until recently, anyways). But a topic that’s been much less investigated over the past year is that of neighbourhood value. According to Strata, the ones that have seen the greatest decreases are, in fact, some of the most luxurious.

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6. Residential Evictions Allowed to Resume in Parts of Ontario This Week

With Ontario’s state of emergency having expired Tuesday evening, the Ford government has begun lifting public health restrictions, including stay-at-home orders, in three regions of Eastern Ontario. This means residential evictions resumed in these regions on Wednesday, with restart dates for the rest of the province slated for the coming weeks.

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7. Listed Luxe: Historic Ravenscliffe Castle in Hamilton Hits the Market for $8.8M

How many people you know can say they live in a castle? Unless you’re royalty, the answer is probably “not that many.” But, you yourself could be one of these select few, if you decide to purchase this $8.8 million castle in Hamilton.

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8. Canadian Office Market Expected to Downsize Up to 20% More in 2021

Following months of working from home, companies have begun questioning how they will use their office space and how much they will need in the future. According to a new report from Altus Group, the surveyed groups have concerns that work-from-home will become more permanent, and they expect office space will downsize between 10-20% this year, and possibly more in 2022.

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9. Series of Homes in Parkdale Could be Replaced With 16-Storey Condo Tower

A series of detached and semi-detached homes in Toronto’s Parkdale neighbourhood could be demolished and replaced with a condo tower that would bring 273 residential units to the area. If approved, the condo building would encompass 212,006-sq.ft of gross floor area, including a five-storey base building and three-storey townhouse units fronting onto Temple Avenue.

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10. What’s Open and Closed in Toronto on Family Day

Monday, February 15, marks Family Day in Toronto. And while the holiday will look a little different this year, since most Ontarians have the day off, we’ve compiled a list of places that are open and closed in the city. Click below to be in the know!

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