Bay Street Corridor, Downtown Toronto Condo Sales Report
March 21 - October 20, 2017
Comparing Pre- & Post- Ontario Fair Housing and Condo Plan
Over the past 7 months we have heard many reports on how the Ontario Fair Housing Plan has changed the face of Toronto's real estate market. We have heard diverse reports ranging from dire, that the market has stalled and prices have dropped dramatically, to reports that there has been little impact on the Toronto market other than fewer sales.
I am going to dedicate myself to assist you in sorting out what effect the new legislature has had on the industry. I will not just give you blanket statements like we are hearing from Toronto's media but focus on each downtown and midtown Toronto condo neighbourhoods so you may be able to see the changes based on the actual sales that have occurred in each area.
The second neighbourhood I am analyzing is Bay Street Corridor in Downtown, Toronto. This area consists of sales west of Yonge Street, east of University Ave, north of Front Street and south of Bloor. This neighbourhood tends to have a great mix of higher and lower end buildings. You will find buyer's ranging from wealthy downsizers or business professionals who work in Toronto's core to 1st time buyers. Bay Street Corridor tends to have the most sales in the city and gives an excellent indication of how the market has been changed by the Ontario Fair Housing Plan.
I will breakdown by month beginning with March 21 - April 20 (the month prior to the changes) and moving through the 1st two months of the changes, as well as comparing with the year prior. We will explore the effect in sales and prices and compare each category so you may see the real picture for this neighbourhood.
If you find this information useful, look for Church Street Corridor Report next week. In the next few weeks I will cover all of the downtown areas to give you true numbers for those looking to buy and sell. I think it is critical for all those who are interested in Toronto real estate, including real estate agents and brokers, to understand the changes and how it has affected the market. In fact, I am working towards reporting all this information by building because we are already seeing changes that are unique to each condo building.
We are seeing very interesting numbers in the Bay Street Corridor of Downtown Toronto. When we looked at the Yorkville numbers we did see a decline in sales price and average price per square footage, but in the Bay Street area things show very little change. Number of sales has declined each month from 38 in March/April to 27 in April/May and finally 22 in May/June of 2017. The average sales price has dropped 3% this past month though we saw an increase in price in May up over 12%. The number that I feel really tells the story is the average square foot price in the area and this has increased since the change up by 2%. The change has not made a significant change in Bay Street; in fact, based on square footage average the change has increased the market. Sales are down from 2016 but all other categories are way up from a year ago.
I know we are hearing a great deal of negatives in the Toronto real estate market from the media but they tend to paint overall pictures. In the Bay Street Corridor what you are hearing from the media is just not true.
Stay tuned for my Church Street corridor report next wee.
As you read this, feel free to contact me if you have any questions ....