With this Report, we are again looking at a specific condo and our focus is Westlake, Phase II. Registered in 2015, the condo sits at the intersection of Park Lawn and Lake Shore. Beneath the condo are retail stores including a Metro and Shoppers Drug Mart. The condo consists of 434 units in 44 storeys.
We looked at units that sold in 2020 from May to August. In this building, prices have not declined yet and have levelled off in the $870 psf range, except for one unit that faces due South and sold for $950 psf. The smallest unit we looked at was a one bedroom plus den with parking and locker which sold in 2017 for $405,000. The same unit sold in 2020 for $580,000 for an annual appreciation of just over 12%. The next unit was a two bedroom plus den with two washrooms, parking, and large balcony. It previously sold in 2016 for $580,000 and this year for $754,000 for a gain of 8% per year. The third unit we looked at sold in 2017 for $605,000 and again in July of this year for $717,000 for an increase of 6% per year. Our view is that if prices decline by 5% from current levels, it will represent at most one year’s appreciation. Those holding for two years or more will be fine.