With the ongoing changes brought about by the COVID-19 pandemic and the uncertainty that the past few years have brought with it, many markets and industries across Canada have suffered the consequences of these tumultuous, unpredictable times. This is especially true when it comes to Toronto’s real estate markets, affecting everything from residential trends to the commercial market.
Informed by the wisdom he has gained over the course of his time leading his own construction company, Canadian business owner Semion Kronenfeld has kept a close eye on these shifting trends, and has spent countless time and effort tailoring his ideas to thrive in the new landscape of Toronto’s commercial property market. The lessons he has learned have informed not only his work ethic, but that of those around him as he continues to make strides in the face of adversity.
Biggest Trends of 2021
As 2022 begins and a new year faces the Canadian real estate market, it is valuable to look back and reflect on the biggest trends in Toronto’s commercial property market this past year. The results of this investigation present a lot of valuable data to consider: despite the ongoing effects of inflation across Canada throughout 2021, economic unrest continues to pursue, despite high demand from investors and lower interest rates than those of the years before.
While residential and industrial markets experienced a powerful and dynamic series of trends this year, Toronto’s commercial property industry faced an equal amount of changes. Ranking in the billions in annual transactions, the ample selection of locations available across the city have stood strong despite the challenges facing this market over the past year. While the demands of the pandemic and its variants put a significant damper on the ability of the Canadian workforce to regain its momentum, the unexpected benefits of this is the continued availability of new property and land for retail expansion and commercial growth.
Predictions for 2022
According to Semion Kronenfeld, with the ongoing growth of the pandemic and its constantly evolving consequences to communities and industries across the country, predictions for the commercial property industry in Toronto for 2022 are more of a challenge to solidify than ever. However, despite this uncertain nature of the economy, there are still several strong key ideas to keep in mind when it comes to examining what may come to be, and what to be wary of in order to make it through the new year in good financial health.
Between the global supply chain crisis and Canada’s inflation rate panic, the outlook for 2022 may seem daunting and call into questions many of the staples of the industry previously undisputed. However, despite the reality and the severity of these issues, there are numerous benefits that are on the radar for the new year that may bring to light new and exciting opportunities. As closures in adjacent industries continue to open up valuable land for commercial endeavours, so do new avenues of pursuing growth in the commercial property industry in Toronto. In addition, with the tireless efforts being devoted to the resolution of the supply chain crisis, the future appears more hopeful than ever when it comes to navigating a post-pandemic real estate landscape.
Between his ability to examine the trends of the past and his dedication to apply this knowledge to the future, Simon Kronenfeld is more prepared than most when it comes to planning ahead for the commercial real estate market of the upcoming year. With a drive to succeed and an unbreakable spirit, he is at the forefront of Canada’s leading professionals, paving the way for the new year of 2022.