Midtown Toronto's condo market continues to thrive. We saw sales this quarter up by 23% to close to 100 condo sales. Sales prices for the 2nd quarter increased by 11% partly due to high sales in the Yorkville area pushing the average up. The average price still comes in at a strong $988,000 per suite. We saw fewer bidding wars but if a unit is priced well especially the larger square footage suites there were still multiple offers. We are seeing a great deal of movement of Yorkville as the empty nester's moving from large houses in Rosedale or Forest Hill. They are looking for larger suites which Toronto buildings have failed to build over the past 20 years focusing on units 800 sq. ft. or less units. This puts a strain on the market looking for suites over 1200 sq. ft.
Another statistic showing that the market will remain strong is that we are seeing 99% of the final sales price to the listing price. Also, condos are selling within a month. That's proving that if the agent prices the condo at market value the suite will sell quickly.
I will be very curious to see what the 3rd quarter brings. We have a few new (pre-construction) condo buildings initiating their VIP sales, but I don't see this affecting the resale market as the prices over the past 18 months have been stronger in resale. Midtown still has pockets that are offering units under $600 per square foot though we are seeing the average sit low to mid $600's per square foot, which is down from a few years ago but still very strong in this climate. Yorkville continues to hold close to $1000 per sq. ft. in many of its buildings, but of course this depends on the status and the amenities of the building.