The exodus has become a definite trend: with working from home pretty much the norm right now, many downtown dwellers don't see the need to pay a premium to live near work anymore, so they are trading in their cool urban pads for more square footage further out, where things are a little less expensive and has more space. If that's something you're considering, here are a few things to think about:
It’s hard to come back to the city after you’ve left. While you get more space for less outside the core, if you decide to return, it will be much harder to buy: it's tough to give up 3,000 square feet in Newmarket to buy 1,000 square feet in Toronto for a similar price.
COVID isn't forever (even though it might feel that way right now). With current working from home setups and restaurant and retail closures, living in a small downtown space might not have as much appeal as it used to. But businesses will want people to work in the office again. Maybe not every day, like before, but a lot of companies are realizing that having a workforce that's 100% remote isn’t ideal. And restaurants, stores and entertainment venues – all the things that make downtown life worth living – will reopen again. Being around the corner from that great little French bistro or having a coffee shop right in your building never loses its appeal, having everything you need within walking distance isn't as much of a thing in the car-focused ‘burbs.
Selling your condo might take a while. There's an oversupply of condo listings at the moment, and fewer buyers looking to get into a place downtown. If you've owned your condo for more than a year or two, you should be able to make a profit once you do sell. But unless you have a particularly unique property, you probably won't be attracting multiple bidders and will likely get offers below your asking price.