blah blah blah We keep hearing about the bubble in the Toronto Condominium market, but the numbers prove this is just not so. In Toronto's east Downtown including St. Lawrence, Distillery District and the east Waterfront we found the 3rd quarter of 2016 to be very strong.
Sales were up a whopping 31% over last year in this quarter to close too 100 sales. Prices continued to rise by 13% to an average of more than $550,000.
Inventory took a turn for the better with new listings up by 8% to over 160 new listings.
All this is good news for the sellers in this area and we see no real change in this market with the inventory continuing to be low.
What impressed me most is the fact that condos are selling at 101% of listing price and are usually sold in just over 3 weeks.
Where does this lead to for 2016 third quarter? I believe that if we continue to see lower interest rates this will continue. One of the sectors that is pushing this area is the first-time buyers. This neighbourhood has been very trendy and the less that $600 a square foot price tag has made it very affordable for young buyers to find the perfect condo. I find that buyers flock to this area also for the amenities of the buildings and lifestyle of the neighbourhood. It offers something for everyone. As long as inventory remains low we will see prices hold. I will be curious with all the new pre construction vip programs going on now to see if this affects the market over the next few months. Based on what we have seen over the past year or so I do not think it will.