Bay Street Toronto Condos 2017 4th Quarter  and 2018 1st Quarter Real Estate Condo Sales Report

Bay Street Corridor Condos Downtown Toronto

 

Bay Street Toronto 1st Quarter 2018   2018     2017   Difference
Sales   175     233   - 25%
Average Sold Price   $765,353     $735,735   + 4%
Average Original Listing Price   $777,562     $718,037    + 8%
% of Final Sales Price to Listing Price   99%     104%   -  5%
Days on Market   29     20   + 45%

Bay Street Corridor in Toronto's downtown condo market showed a decline in sales but a growth in the average sales price. We saw sales at 175 units, down 25% from 2017. Sales prices continue to rise, with the average price from $735,735 in the 4th quarter of 2017 to over $765,353 in the 1st quarter of 2018, again up by 4%. Bay Street Corridor has continuously performed very well, despite the government created restrictions with Fair housing and condo policies and the changes to mortgage stress test in January of this year.

We are seeing when a listing hits the market it is selling in just under a month. At this time we are looking at higher prices because buyers have limited options. 

The Bay Street Corridor still has pockets that are offering units under $600 per square foot. However, we are seeing the average sit in the mid $900's per square foot, which is up dramatically from the past years. The gap between Yorkville and Bay Street has closed dramatically over the past 2 years.

We don't have a crystal ball as to where this condo market is going but at this time it remains strong and if you are thinking of selling your condo now is a great time.

 

Bay Street Toronto 4th Quarter 2017   2017     2016   Difference
Sales   155     227   - 32%
Average Price   $817,257     $669,935   + 22%
% of Final Sales Price to Listing Price   99%     99%   + 0%
Days on Market   29     26   + 12%

Bay Street Corridor in Toronto's downtown condo market showed a decline in sales but a very strong growth on the average price. We saw sales this quarter at 155 units, down 32% from 2016. Sales prices continue to rise as the average price rose from $669,935 in the 4th quarter of 2016 to over $817,000, again up by 22%. 

We are seeing when a listing hits the market it is selling in just under a month. At this time we are looking at higher prices because buyers have limited options. 

I will be very curious to see what the 1st 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. The Bay Street Corridor still has pockets that are offering units under $700 per square foot. However, we are seeing the average sit low to mid $900's per square foot, which is up dramatically from the past years. 

The fair Housing Policy of Ontario had some affect in the Church - Yonge Corridor mid 2017 but overall prices and average price per sq. ft. has remained very strong. Yonge Church Corridor is still a sellers market even though we have seen some areas move to a buyers market.

 

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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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