T he start of a new year often brings with it retrospection and forecasting. But predictability has gone out the window over the course of the pandemic, adding haze to the outlook for the Canadian housing market.
After a bumpy, roller coaster ride in 2020 — which, despite all the challenges, was a record year for Canadian home sales — it’s no wonder that pundits are all over the map when it comes to market predictions for 2021.
Before we look forward, we want to take a moment to reflect on 2020, a year unlike any other. Amid all the chaos in the economy and the world-at-large, 2020 was perhaps the most momentous year in TCS history.
We brought in a world-class celebrity guest, Russell Peters, to appear virtually for a development launch, we pulled an Oprah and gave away up to 100 cars, and most importantly, we guided our clients to some truly special projects throughout the GTA. Hopefully, this is just the start of an incredible decade that will bring greater prosperity, well-being, and inclusion.
We hope that every client, even if they did not participate in the TCS 15th Anniversary Jaguar Giveaway Program, realizes that TCS has its client’s best interest in mind, always. You will not find a program like that in the real estate sector, as we are different, we want to change the game constantly, and we want you to be in awe of our service and offers. Being able to offer a free Jaguar to clients was a special Anniversary program but it is really about our love affair with our clients and how we value each and every relationship that we are lucky enough to have.
Another achievement we are proud to share is the scholarship and awards program that we launched late last year. TCS is committed to supporting the higher learning institutions that nurture our leaders of tomorrow and we have partnered with three of the top secondary business schools in Ontario, providing financial support to deserving students. We will be sharing more about these programs later in this report and look forward to showcasing our scholarship recipients in future editions.
The whirlwind year that was 2020 ended with rental apartment vacancy rates in Toronto hitting a record high of 5.7 percent in the fourth quarter, up from 1.1 percent from the same period in 2019. While rents have some ground to make up before returning to normal growth levels, a slight improvement can be expected in 2021 as the vaccine rollout spurs higher immigration rates, a return to downtown office towers, and a resumption of in-person learning across post-secondary campuses.