This month we looked at sales in Ice Condos, more specifically the South Tower of the two-tower complex. It has a great location across the street from the Scotiabank Centre and is joined to the PATH. But its biggest claim to fame is that it has been the centre of the Airbnb market in downtown Toronto. With Covid-19 and with new City by-laws, the Airbnb business has essentially ended. So what has been the impact? We have tracked all sales in this building for 2020 beginning in January. Prior to the Covid-19 shut down, there were 6 sales. Since March 17 there have been 8 sales. See Table 1 below for the impact to date.Image source: urbantoronto.ca
MARKET FACTOR
MARKET FACTOR
Table 1: Currently there are 21 units for sale including 3 price changes. The price drop has been 9% so far.
source: Toronto Real Estate Board
source: Toronto Real Estate Board