Downtown Toronto Condos

2016 3rd Quarter Real Estate Report

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

Downtown Toronto   2016     2015   Difference
Sales   1,590     1,270   + 16%
Average Price   $521,285     $461,085   + 12%
New Listings   2,052     2,461   - 14%
Active Listings   1,196     1,360   - 7%
% of Final Sales Price to Listing Price   99%     98%   + 1%
Days on Market   23     33   - 33%

 

Downtown Toronto   Sales     Average Price   New Listings % Final Sales Days on Market
Waterfront West   863     $508,000   1,127 99% 25
Bay Street Corridor   290     $602,000   439 99% 26
Niagara   361     $433,000   386 100% 20
University   35     $467,000   27 98% 32
Kensington Chinatown   32     $488,000   56 101% 18
Trinity Bellwood   9     $684,000   17 104% 20


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.

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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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