Yonge - Church Corridor Toronto Condos 2017 4th Quarter and 2018 1st Quarter Real Estate Condo Sales Report

church street corridor condos sales report 4th quarter 2017

 

Church - Yonge Corridor Downtown Toronto 1st Quarter   2018     2017   Difference
Sales   162     271   - 33%
Average Original Listing  Price   $699,529     $516,509   + 35%
Average Sold Price   $654,373     $598,969   + 10%
% of Final Sales Price to Listing Price   94%     115%   - 21%
Days on Market   25     19   - 31%

Downtown Toronto's Church - Yonge Street Corridor condo market had a very strong price increase in the 1st quarter of 2018 but, sales were down dramatically, 162 down by 33% from the 1st quarter 2017. Sales prices continue to rise as the average price from $598,969 in the first quarter to over $650,000, again up by 35%. 

An interesting fact this quarter is that we found agents struggling in pricing units. This was due to a huge shift in prices; agents that are not familiar with the Church Street market priced condos too high or too low. Sellers in many cases were not getting the best value for their condo units. It is very important that sellers work with real estate agents that are very familiar with the area so that you may get the most up-to-date stats maximizing your return. This is the only  downtown location the condos were selling at 94% of listing price.

I don't have a crystal ball but I feel that the Church - Yonge Corridor will continue to be a very strong market. We are seeing buyers who were looking at Bay Street and Yorkville move further east to Church for much better value for their money.

 

 

Church - Yonge Corridor Downtown Toronto 4th Quarter   2017     2016   Difference
Sales   174     212   - 18%
Average Price   $635,466     $516,509   + 23%
% of Final Sales Price to Listing Price   99%     100%   - 1%
Days on Market   25     39   - 36%

Downtown Toronto's Church - Yonge Street Corridor condo market continues to thrive. Although, we saw sales this quarter come in at 174 down by 18% from the 4th quarter 2016 but most areas fell further in sales during this time. Sales prices continue to rise as the average price rose from $516,509 in the fourth quarter of 2016 to over $630,000, again up by 23%. 

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 within a month. If the condo is priced correctly we see a trend of the condo selling quickly often with multiple offers. 

I will be very curious to see what the new year brings as we have a few new (pre-construction) buildings having their condo buildings initiate in their VIP sales. I don't see this affecting the resale market as the prices over the past 18 months have been stronger in resale. We tend to see the buyers of pre-construction being a different type of customer to those buying re-sale units. Downtown still has pockets that are offering units under $600 per sq. ft. though we are seeing the average sit in the high $600's per square foot.This number has continued to rise over 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' even though we have seen some other downtown toronto 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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