Toronto Condo Market now a seller’s market you say? Well, actually the stats I will share with you below are saying it! I believe it! having just lost in a bidding war for a Toronto condo in the Summerhill pocket of the city and despite some “issues” with the unit that would require significant capitol improvement by my buyer if we were lucky enough to get this property, it STILL sold for 13% over the asking price and I can assure you, the asking price was not a low-ball amount designed to create a feeding frenzy at the offer table.
Not every Toronto condo building or every pocket of the city is under supplied, but MANY areas and buildings are, and so Toronto condo buyers, who thought they were exempt from SOLO (the stress of losing out) and/or FOMO (the FEAR of missing out), are just as frustrated as buyers trying to purchase a home in the city.
Here’s the situation in the GTA in Q2 2016 compared to same period last year:
* Condo Sales UP 17%
* Average sale prices up 7% to $415.3K. But wait! $431K in the city where 70% of sales took place!
* New Listings DOWN by 8% and TOTAL LISTINGS DOWN by 28% compared to last years. So you can see the writing on the wall….short supply, long demand and upward pressure on price!
*Average days on market? DOWN by 11%. It now takes, on average, well under 1 month to sell your condo these days.
*And a note to investors: the vacancy rate for rentals is 1.8%…pretty remarkable, especially in view of the hue and cry from the press that we were drowning in a sea of surplus supply!
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect, as I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.