{"id":17649,"date":"2021-09-12T05:30:47","date_gmt":"2021-09-12T09:30:47","guid":{"rendered":"https:\/\/sothebysrealty.ca\/insightblog\/?p=17649"},"modified":"2021-09-28T13:42:38","modified_gmt":"2021-09-28T17:42:38","slug":"central-planning","status":"publish","type":"post","link":"https:\/\/sothebysrealty.ca\/insightblog\/en\/2021\/09\/12\/central-planning\/","title":{"rendered":"Central Planning: Canada’s downtowns"},"content":{"rendered":"

Coming out the other side of Covid-19, the pandemic has changed Canada\u2019s downtowns and left them vibrant, not vacant.<\/p>\n

Even though many urbanites left downtown when Covid-19 hit, Canada\u2019s cities are rebounding rapidly. We asked Sotheby\u2019s International Realty Canada Brokers how four major urban centres weathered the pandemic storm.<\/p><\/blockquote>\n

\"\"13 930 W 49th Avenue, Vancouver West, BC<\/a><\/div>\n

Vancouver<\/strong><\/p>\n

Between July and October 2020, three properties over $2 million sold,\u201d remarks Will McKitka, Senior VP Sales, Sotheby\u2019s International Realty Canada. \u201cThat\u2019s in the entire downtown peninsula.\u201d<\/p>\n

The pandemic also put a premium on private outdoor spaces, such as balconies and patios, he adds. \u201cIf you\u2019ve got a condo [without] outdoor space, it would be more difficult to sell.\u201d<\/p>\n

But despite a mass exodus to the suburbs and smaller cities like Chilliwack and Kelowna, there are people who prefer the upside of living downtown. \u201cThere are still the 20- and 30-year-olds who have no desire to own a house,\u201d McKitka points out. \u201cThey enjoy the more vibrant, pedestrian-[centred] downtown lifestyle.\u201d<\/p>\n

Urban developers are only too happy to offer it. \u201cThere are some exciting towers that are coming and they have full amenities,\u201d says Broker Kevin Hardy, Senior VP of Sales. \u201c[Refrigeration] concierge services for groceries, [taking care of] laundry, child daycare [within] the building \u2014 that\u2019s what people want. Even if it\u2019s a one-bedroom, they want the luxury of being taken care of.\u201d<\/p>\n

At the forefront of such premium condos is the Danish-designed 52-storey Vancouver House with its fleet of BMWs for residents to use, five-star concierge service, a high-end gym \u2014 and units at around $1,300 per square foot.<\/p><\/blockquote>\n

\"\"501 14105 West Block Dr, Edmonton, AB<\/a><\/div>\n

Edmonton<\/strong><\/p>\n

When Covid hit, space was on the minds of many Edmontonians. \u201cThe big trend was moving not just to the suburbs, but to acreage, or rural properties,\u201d explains Realtor Jeremy Amyotte, Senior VP of Sales. \u201cWe\u2019d go as much as 10 percent over asking price [and] get 7 to 10 offers, which had never happened in places like Parkland County (45-minutes from downtown).\u201d<\/p>\n

But much of the market stayed strong during, including places near downtown. Amyotte notes a \u201ctrickle-up effect,\u201d the quest for more acreage and many people \u201crethinking their spaces,\u201d he says. \u201cRenters and first-time buyers were also getting into the market and that helped everybody else sell and move up.\u201d<\/p>\n

In the picturesque riverside neighbourhood of Glenora, the condos at West Block have been performing well despite averaging about $1 million per unit. Why? Because West Block\u2019s condos offer more generous floor plans at a time when consumers are placing a significant premium on having more space.<\/p><\/blockquote>\n

\"\"300 Geary Ave 2nd Floor, Toronto, ON<\/a><\/div>\n

Toronto<\/strong><\/p>\n

Did the pandemic change the Toronto market? Yes \u2014 in the short term. The effect is temporary, predicts Broker Paul Maranger, Senior VP of Sales. \u201cIn 2020 the pendulum swung in the direction of smaller towns and suburbs. By 2022 the pendulum will swing back in favour of the city. It offers things that a smaller town or suburb cannot, [like] live theatre, concerts, sports, gallery exhibits.\u201d<\/p>\n

In fact, only some 50,000 people moved to the suburbs. Far more Torontonians viewed the pandemic as a chance to rediscover local nature \u2014 the waterfront, biking and hiking trails \u2014 or to invest back into their homes the money they weren\u2019t spending on going out.<\/p>\n

\u201cThe single-family housing sector weathered the storm very well, even prospered,\u201d reports Realtor Christian Vermast, Senior VP of Sales.<\/p>\n

A major factor for the resiliency of the Toronto market is the multitude of neighbourhoods, which offer opportunities to transform, say, abandoned malls and rundown areas into prime real estate. One example is The Junction in the west end. \u201cSome wonderful condo developments are going up there,\u201d says Vermast. \u201cIts section of Dundas Street West is filled with fantastic indie shops and restaurants, and it\u2019s just north of one of the city\u2019s largest parks, High Park.\u201d<\/p><\/blockquote>\n

\"\"1842 Ch. St-Clare, Mont-Royal, QC<\/a><\/div>\n

Montreal<\/strong><\/p>\n

Despite challenges brought on by Covid-19, available subsidies enabled some Montreal businesses and neighbourhoods to weather the pandemic well.<\/p>\n

\u201cI have clients who came to me and said, \u2018I want to buy up all the opportunities downtown,\u2019 \u201d says Sotheby\u2019s Realtor Saguy Elbaz. \u201cBut those opportunities never really showed up. The tenants never stopped paying the rent. The subsidies kept everyone alive.\u201d<\/p>\n

But though many businesses in the city core held on to their spaces, some central residential areas found it difficult to cope. \u201cDowntown neighbourhoods, like the Plateau and Griffintown, remained strong because they\u2019re more residential. People are biking, planting plants outside,\u201d Elbaz explains. \u201cBut the downtown core is like a concrete jungle. It was very, very quiet once the lockdown was in effect. Even today, my properties in the $1.5-million range have not fully recovered.\u201d<\/p>\n

Downtown took the biggest hit, as residents in smaller studios went from being close to work and a bustling city to feeling confined.<\/p>\n

\u201cAll of a sudden, [in] neighbourhoods up in the Laurentians, the average home that would take about 500 to 600 days [to sell] was now selling [and getting] multiple offers because the price was approachable,\u201d says Elbaz.<\/p>\n

As pandemic restrictions ease, Montreal\u2019s downtown market is making a bold return. Sotheby\u2019s International Realty Quebec recently announced the sale of a penthouse at The Ritz- Carlton Residences by leading agent Liza Kaufman that set a new record as the highest priced condominium sale through the MLS\u00ae system in the province\u2019s history. Demand for the YOO Montreal, the soaring 1 Square Phillips, and the ws\u2019 60-floor dual towers has been brisk.<\/p>\n

Ranging from $700 to $1,000 per square foot, these condos are more expensive than most units in the city. But with high-octane modern amenities, gorgeous common areas and innovative architectural designs, they are banking on a rebound that Elbaz sees as inevitable<\/p><\/blockquote>\n

Looking to sell your home? Our real estate advisors offer in-depth knowledge, exemplify professionalism and deliver attentive service tailored to your needs. Connect with one of Sotheby’s International Realty Canada’s top real estate agent today<\/a>. <\/p>\n

 <\/p><\/blockquote>\n

\n

 <\/p>\n

By John Crossingham-  *This article originally appeared in INSIGHT: The Art of Living | Fall 2021<\/a><\/span><\/span><\/em>.<\/em><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Coming out the other side of Covid-19, the pandemic has changed Canada\u2019s downtowns and left them vibrant, not vacant. 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