Picture this: The date is April 8, 2020. Everyone is glued to their TV screens. Toronto is heading into the single largest lockdown as a result of the global pandemic. If you are a parent, you are likely panicking about pivoting your kids’ schooling. If you are a condo owner, you are likely looking around your condo wondering how you will make the most of 500 square feet of space for the next two weeks.
Every aspect of your life was seen through an entirely different lens.
Well, we all know what happened next. The two-week lockdown lasted a little bit longer, basically running on and off for the next two years, and as a result, Toronto experienced something that some called “The Great Exit.”
Today, in 2022 with lockdowns behind us, Toronto Life Magazine is reporting on “The Great Return.”
In this post, we’re unpacking all that.
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First of All, What Caused The Great Exit?
In short, the pandemic. When lockdowns began, people were spending, on average, 35% more time in their homes every day. The home had to become an office, school, gym, entertainment space, and living space. For a lot of people in Toronto, that just wasn’t going to work. So they left. Honestly, you can’t really blame them.
Imagine living in a small condo where you usually just spend your evenings and weekends. Now imagine that same condo except there are two people working there full-time, kids learning via Zoom full-time, and maybe a cat walking on your keyboard or a dog begging to go for a walk.
It can get pretty claustrophobic.
Consider this too: all the things that make condo living amazing became real big drawbacks during the pandemic. Building amenities were shut down, local businesses were shut down, and even getting to and from your unit in an elevator was a stressful experience with the masks and social distancing.
Homeowners had to make a choice that made sense for them at the time. It was a no-brainer.
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Why is The Great Return Happening?
First, let me say that we absolutely called it when it came to this trend. In our hearts, we knew that the lockdown measures were temporary and that some people would come back to the city when things started to improve.
There are a few big draws of living in the city that will never go away, and these are the things bringing people back now. They are:
- The Commute – Even if there are no accidents on the highway, driving in Toronto is a hassle. Commuting can take 2 or 3 hours out of your day. And when you have been used to commuting from your bed to the kitchen to your office in the basement, the idea of driving in Toronto can feel even more gut-wrenching.
- Toronto is a World-Class City – We’re home to some of the best schools. People come from all over the country and even across the world to study here. And as a result, the rental market here is hotter than ever. Investors are coming back to the city.
- The Lifestyle – If you’re looking for dining, shopping, culture, and events, you won’t find much better than in Toronto. Even our Uber Eats is superior with numerous options for any type of food you could imagine.
Additionally, there were some things that happened beyond the pandemic that no one could have predicted. These are also factors that are bringing people back to the city. For example, inflation, gas prices, and transit prices are all putting more financial strain on people, especially those who are spending more money on a bigger house on the outskirts of the city.
Thinking about moving back to the city? Maybe a loft is right for you! Check out these loft resources here:
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Raise Your Hand if You Regret Leaving Toronto
For many condo dwellers, their home was just a place to sleep. As our very own Nicole Shlass says, “your condo is a crashpad and the city is your home.”
For these people, moving out of the city wasn’t just about making life more bearable during the pandemic. It was a lifestyle change. And for some, they came to find it was a change they weren’t quite ready for.
We predicted it from the start. True condo people, those of us who live and breathe the condo lifestyle were always going to come back. And that’s what we’re seeing now.
Whether you’re coming back to the city, thinking about making a move, or just have some real estate questions on your mind, text or call me at 647-973-8392, I’m always happy to help!
