Downtown Toronto Yorkville and Bay - Yonge Street Corridor
Most years, there are $20 million sale prices coming out of the Downtown Toronto condo market. The first half of 2018 was different...the highest sale price was under $8 million, for all closed deals as of June 30th.
I have been speaking of lower sales prices over the past year but this does not truly reflect what's happening in the market. The reason sales prices are lower in 2018 is due to the low number of luxury condos being listed and sold. Since high-end luxury condos aren't being listed at this time, the smaller units in Yorkville and the Bay - Yonge Street Corridor are directing the average sales statistics. I have been reporting for the past couple of months how even though sales prices are down the average price per square foot is up.
The media has been saying that this is a buyers market, which has contributed to a slowing down of the market. This is not so. The average price per square foot in many of Yorkville and the Bay - Yonge Street Corridor condos is up by more than $80 and more per square foot. This is, of course, not the case for all buildings but for many.
Here are the 2 of the top priced condos that have sold in 2018 so far:
A beautiful Luxury Condo Suite at The St Regis Residences Toronto. Enjoy Timeless Traditions And Unmatched Five Star Amenities And Services. This Penthouse Suite Is Spacious And Light, Displaying Elegance And Opulence. Overlooking The City Below, The Luxury And Richness Of The Suite Is Reflected Throughout. Soaring 12.5' Coffered Ceilings. Spacious 3 Bedroom (4287 sq. ft.) 4 baths, with 600 sq. ft. Terrace. South, East, And West Views. Elevator Opens To Private Foyer. This condo was sold in 10 days, at 95% of the listing price.
Approximately 3,600 sq. ft. Price per sq. ft. - $1,470.83
Stunning Residence Rarely Available In One Of Toronto's Most Prestigious Buildings Designed By Robert Stern. Approx 3,600 sq. ft. With 2 Terraces And 2 Parking Spots. Breathtaking Views. 11 ft. Ceiling Throughout. Amenities 2nd To None World Class. Steps To Bloor St And Yorkville. This condo sold at 102% of listing price and in just 2 days.
It's interesting to note that neither of these condo buildings has had many sales over the past 2 years.
Prior to the above sale, there were no sales (on MLS) in 1 St. Thomas for 2 years. This year we have so far seen 2 sales.
St. Regis Condo had just 2 sales in the past 2 years prior to a re-branding from Trump Tower to St. Regis.