These days everyone seems to be talking about the condo market in Toronto. There’s been a lot of media coverage, like the Toronto Star’s recent article, “Downtown Condo Market Shows Strange Signs of Life.” I’m also finding that the majority of my clients right now are looking to make the move from a condo to a house. The good news is that it’s not all doom and gloom. But it is a bit of a mixed bag.
Here are some interesting stats for the first week of February that might help you draw some of your own conclusions:
There were 45 firm sales on condos in the core of the city (C1, C2, C3, C4, C8, C9, C10, E1, E2, W1, W2). 8 were sold above asking, 4 sold at asking, and 20 were sold at 98-99% of asking. The preceding numbers account for 71% of all sales. Not bad. And only 4 sold below 95% of asking (93%, 93%, 90%, and 87% on an overpriced $1+m condo). Another 53 condos were sold conditionally during the same time period.
I’m also hearing talk about multiple offers on unique condos in great locations; however, in most cases the prices are still ringing in just below asking. There’s also talk of condo sharks, fishing around for an amazing deal by offering way below asking. They’re being ignored for the most part.
There still a lot of competition. There are 1,865 condos for sale in the city’s core. 10% of them have been on the market for over 30 days. And 70% have been listed in the last two weeks. Roughly 23% are 1 bedrooms, another 23% are 1+1 bedrooms, and 47% are 2 bedrooms. Only 33% are under 700sf.
All that been said, there are a lot more condos entering the market than being sold. And most buyers will have their favourite condo, a backup condo, and a backup to their backup.
So rather than buying into the speculation around the water cooler or evening news, I always like to look to the stats. Hope this helps!