We have been listening to the media talk negative about the Toronto real estate market over the past while. This is no the case in the Yorkville condo market. Yorkville and The Annex Toronto's condo market saw a slight decline in sales by 4 units down 6% overall but sold price in the 4th quarter of 2018 was up by 2% a very strong story. The average sales price of a condo came in at a strong $1,133,192 per suite compared to $1,108,757 in the 4th quarter of 2017.
Another statistic showing that the market will remain strong is that we are seeing 100% of the final sales price to the listing price. Also, condos are selling in just over 3 weeks.
The average price per sq. ft. continues to be strong up by 19% over last year to $1,266 from $1,058 in the 4th quarter of 2017.
Overall every statistic that we look at shows the Yorkville condo market to be strong. Other than sales being down by 4 sales the stats in the condo market in Yorkville proved to be very strong and for those considering on selling, now is a good time to look to the market. I will be very curious to see what the 1st quarter of 2019 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.