Church Street Corridor, Downtown Toronto Condos

2016 3rd Quarter Real Estate Report

church street corridor condos sales report 4th quarter 2017

 

Church Street Corridor Downtown Toronto   2016     2015   Difference
Sales   230     171   + 35%
Average Price   $490,000     $433,000   + 13%
New Listings   337     353   - 5%
% of Final Sales Price to Listing Price   99%     98%   + 1%
Days on Market   24     31   + 33%

 


Downtown Toronto's Church Street Corridor condo market continues to thrive. We saw sales this quarter come in at 230 up 35% from this time last year. Sales prices continue to rise as the average price rose from $433,000 in the third quarter of 2016 to over $490,000, again up by 13%. Inventory wavered for the 1st time in quarters with new listings dropping by 5%  to 337.

Another reason that the market will remain strong is that we are seeing 99% of the final sales price to the listing price. This shows that the market remains healthy. Condos are selling close to within a month. It's proving if the agent prices the condo at market value the suite moves quickly.

I will be very curious to see what the 4th quarter brings as we have a few new buildings having their VIP sales days but, I don't see this affecting the resale market as the prices over the past 18 months have been stronger in resale. Downtown still has pockets that are offering units under $600 though we are seeing the average sit low to mid 600's per square foot. Down from a few years ago but still very strong in this climate.

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Nadine Robbins, Sotheby's International Realty Canada
1867 Yonge Street, Suite 100
Toronto, ON, M4S 1Y5
(416) 878-6860

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