SALES COMMENTARY
![2020 Price Increase Forecast](https://ci4.googleusercontent.com/proxy/E-_3GwhjlOS2zn2_J5MrsYNUZNeffBd1e4gqHH4olvt7cG6V7Kma-IKnw9rspMHAHNHLh5iTJ9D_R6wUI6o9SiDL3HqXPKYVTF79zZDwWCg-sk-KHgXMPNS05yOV89G9JFFwRJ0RIhn0RloNsVT148KSIyqhhg=s0-d-e1-ft#https://mcusercontent.com/eebc84fe4d5af1b88a69cee58/images/20a23cac-474b-bf5d-8015-795471b3a3d2.jpg)
So, what is the answer: not government housing or purpose-built rental housing. Rather governments need to work together to build Co-Op housing. Non-profit Co-Op housing usually requires a small down payment to buy a share in the Co-Op and the Co-Op itself gets a mortgage on the whole property. People living in these units are responsible for paying and operating the Co-Op. Governments can also be responsible for buying the land and speeding up municipal approvals. The result is that you can reduce construction costs by 40% and create a pride of ownership which is non-existent with renters.
Affordability also leads to a discussion of the condo market. (Toronto is one of the few major cities of the world with low-rise housing). While condos and particularly downtown condos underperformed the market in 2020, we forecast a strong rebound in 2021. Overall sales in August of 2021 were 20% lower than in 2020 at 8600 units but condo sales were 11% higher than in August of 2020. Not only are condo sales higher this August, but ‘new’ and ‘active’ listings in 2021 are now 37% and 43% lower than this time last year. All indications are that condo prices will continue to increase over the fall months.
5 ADVANTAGES TO CO-OP HOUSING
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