Yorkville and The Annex, Toronto Condos

2017 4th Quarter & 2018 1st Quarter Real Estate Sales Report

yorkville toronto condos 2017 4th quarter sales report

Yorkville and The Annex Toronto 1st Quarter   2018     2017   Difference
Sales   66     70   - 6%
Average Price   $1,257,835     $1,159,815   + 8%
Average Original Listing Price   $1,288,692     $1,160,478   + 11%
% of Final Sales Price to Listing Price   99%     103%   - 4%
Days on Market   26     24   + 8%

Yorkville and The Annex Toronto's condo market saw a decline in sales in the 1st quarter of 2018, down by 6% to 66 condo sales. Sales prices for the 1st quarter increased by 8%, a strong showing based on the condo market throughout the city. The average price comes in at a strong $1,257,835 per suite. We spoke last year of how the pre-construction market would affect resale with the new condos beginning their VIP programs in the 1st quarter of 2018. As predicted would happen there was very little if any affect infact. The main reason of this is how expensive the new condos are, priced per sq. ft. up over an average of $1,200,000 per square foot and resale just under $1,000 per sq. ft..

There is still a very strong demand for larger 1,200+ sq. ft. units from empty nesters moving from larger houses. One of the reasons that we have seen the prices increase as there are more larger units being sold. 

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. 

Yorkville and The Annex still has pockets that are offering units under $800 per square foot. However, we are seeing the average sit high-mid $900'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 $995 per sq. ft. in many of its buildings, but of course this depends on the status and the amenities of the building.

*** Please Note -These prices do not truly portray the fact that many of these super luxury condo units are from $1300 to over $1,500 per sq. ft.. ***

 

 

Yorkville and the Annex Toronto 4th Quarter   2017     2016   Difference
Sales   70     79   - 11%
Average Price   $1,045,704     $889,000   + 17%
New Listings   84     97   - 14%
% of Final Sales Price to Listing Price   98%     99%   - 1%
Days on Market   36     35   + 2%


Yorkville and The Annex Toronto's condo market saw a decline in sales and inventory. Sales this quarter down by 11% to 70 condo sales. Sales prices for the 4th quarter increased by 17%, partly due to a lack of inventory in the Yorkville area, pushing the average sales price up. The average price comes in at a strong $1,045,704 per suite.

There is strong demand for larger 1,200+ sq. ft. units from empty nesters' moving from larger houses. The supply for these larger units was very limited. These large suites are generally found in older condo buildings 20+ years that are priced moderately or new condo buildings that are super luxury and very expensive.  

Another statistic showing that the market will remain strong is that we are seeing 98% of the final sales price to the listing price. Also, condos are selling within a month. 

I will be very curious to see what the 1st quarter of 2018 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 pre-construction attracts different buyer.

*** Please Note -These prices do not truly portray the fact that many of these super luxury condo units are from $1300 to over $1,500 per sq. ft.. ***

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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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