2019 1st Quarter Real Estate ReportBay Street Corridor
Bay St. Corridor Toronto
Average Listing Price
% of Final Sales Price to Listing Price
Days on Market
The Bay Street Corridor in downtown Toronto the condo market continues to show very low sales per unit. We saw sales in the 1st quarter down 44% from this time last year. Though, the sales prices continue to rise as the average price rose from $765,039 in the 1st quarter of 2018 to over $796,000, again up by 4%. This is due to the lack of inventory. When the perfect condo unit goes on the market you are finding bidding wars again.
Condo units continued to sell in about a month and at 99% of the listing price.
I will be very curious to see what the 2nd 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 $700's per square foot. Down from a few years ago but still very strong in this climate.
Due to the low inventory it is a very strong market to sell. If you are debating on putting your condo on the market now is the time to do it.