Including: Toronto Waterfront West, Business and Entertainment, Financial District, Bay Street Corridor
% of Final Sales Price to Listing Price
Days on Market
% Final Sales
Days on Market
Bay Street Corridor
Downtown Toronto's condo market continues to thrive. We saw sales this quarter come in at 1,590 up 16% from this time last year. Sales prices continue to rise as the average price rose from $461,085 in the third quarter of 2015 to over $521,000, again up by 12%. Inventory wavered for the 1st time in quarters with new listings dropping by 14% and active listings at the end of the quarter down by 7%. So inventory continues to be strong, sales are good and prices have risen. This paints a great picture for the rest of 2015.
Another reason that the market will remain strong is that we are seeing 99% of the final sales price to the listing price. This shows that the market remains healthy. Condos are selling close to 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 4th 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.