Including: Business and Entertainment, Bay Street, Niagara, Waterfront and Financial District
| Downtown Toronto | 2015 | 2014 | Difference | ||||
| Sales | 1,344 | 1,088 | + 27% | ||||
| Average Price | $471,338 | $437,829 | + 9% | ||||
| New Listings | 2933 | 2761 | + 2% | ||||
| Active Listings | 1570 | 1529 | + 2% | ||||
| % of Final Sales Price to Listing Price | 98% | 98% | + 1% | ||||
| Days on Market | 28 | 29 | – 4% |
Downtown Toronto’s condo market continues to sell well. There were 1,344 condo units sold in 2nd quarter 2015, up by 27% over the previous year. Sales prices continue to go up, as the average price rose from $437,829 in the 2nd quarter of 2014 to over $470,000, again up by 9%. New listings were up this quarter by 2% and we saw an increase of 2% in the active listings. It is still taking just under a month to sell a unit, though we are seeing well-priced suites selling in just days.
It is still a very strong sellers market and if you are debating on selling this is the right time to list your condo. It is always difficult to predict how the market will be in the future, but if we continue to see low interest rates the market will remain strong. We have heard for years the condo market is in a bubble but year after year this have been proven wrong. Another reason that the market will remain strong: the sale price of condos is selling on average at 98% of the listing price.
Downtown East still has pockets that are offering units under $600,000 though we are seeing the average in the mid $600’s per square foot. This is down from 2 years ago but is still very strong in this climate.
ref: Nadine Robbins, Realtor, Toronto Real Estate Board
Read more information at Toronto Real Estate Board
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