Downtown Toronto's Church Street Corridor condo market continues to thrive. We saw sales this quarter come in at 230 up 35% from this time last year. Sales prices continue to rise as the average price rose from $433,000 in the third quarter of 2016 to over $490,000, again up by 13%. Inventory wavered for the 1st time in quarters with new listings dropping by 5% to 337.
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.