Downtown Toronto Condos

2016 2nd Quarter Real Estate Report

Including: Toronto Waterfront West, Business and Entertainment, Financial District, Bay Street Corridor

Downtown Toronto   2016     2015   Difference
Sales   1,306     897   + 35%
Average Price   $518,181     $500,213   + 4%
New Listings   2,166     1,960   + 11%
% of Final Sales Price to Listing Price   98%     98%   + 0%
Days on Market   26     29   - 10%
  Sales Average Price New Listings Days on Market % Sold Price vs. Listing Price
University 39 $474,000 67 41 98%
Bay Street 332 $614,000 545 29 98%
Waterfront 935 $,486,000 1,554 23 99%

 


We saw another very strong Downtown Toronto condo market in the 2nd quarter of 2016. Sales this quarter were up by 35% to over 1,300 sales a difference of more than 400 sales in the same period in 2015. The average price continued to grow up 4% (over $515,000) compared to the same period in 2015. One of the most interesting points in this quarter was how new listings grew by 11% over last year. We have rarely seen this kind of increase over the past few years. One reason was there was a great deal of movements by the investors selling their newly registered units. So inventory continues to be strong, sales are good and prices have risen. This paints a great picture for the rest of 2016.

Another reason that the market will remain strong is that we are seeing 98% of the final sales price to the listing price. This shows that the market remains healthy. Condos are selling within a month. It's proving if the agent prices the condo at market value the suite moves quickly.

I will be very curious to see what the 3rd quarter brings as we have a few new buildings having their VIP sales days but, I don't see this affecting the resale market as the prices over the past 18 months have been stronger in resale. Downtown still has pockets that are offering units under $600 though we are seeing the average sit low to mid 600's per square foot. Down from a few years ago but still very strong in this climate.

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Nadine Robbins, Sotheby's International Realty Canada
1867 Yonge Street, Suite 100
Toronto, ON, M4S 1Y5
(416) 878-6860

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