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  Yorkville and The Annex, Toronto Condos

2nd Quarter &  1st Quarter  2018 Real Estate Sales Report

yorkville toronto condos 2017 4th quarter sales report

Yorkville and the Annex Toronto 2nd Quarter   2018     2017   Difference
Sales   90     100   - 10%
Average Sold Price   $1,065,003     $1,351,911   - 21%
Average Listing Price   $1,070,565     $1,373,262   - 22%
% of Final Sales Price to Listing Price   100%     99%   - 1%
Days on Market   20     27   - 26%


Yorkville and The Annex Toronto's condo market saw a decline in sales and sold price in the 2nd quarter of 2018. Sales this quarter down by 10% to 90 condo sales. Sales prices for the 2nd quarter decreased by 21%, partly due to a lack of inventory in the Yorkville area, pushing the average sales price up. The average price comes in at a strong $1,065,003 per suite.

Last year at this time we saw a very strong demand for larger 1,200+ sq. ft. units from empty nesters' moving from larger houses. This has changed dramatically as we saw many sales of the smaller units. The supply for these larger units is very limited. These large suites are generally found in older condo buildings 20+ years that are priced moderately or new condo buildings that are super luxury and very expensive.  

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 within a month. We also saw most of the condos price per square footage increased over this quarter proving that high end stats don't always show you a clear picture. I tend to base the market on price per square footage due to it is more relevant to how an area is doing.

I will be very curious to see what the 3rd quarter of 2018 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.

*** Please Note -These prices do not truly portray the fact that many of these super luxury condo units are from $1300 to over $1,500 per sq. ft.. ***

Yorkville and The Annex Toronto 1st Quarter   2018     2017   Difference
Sales   66     70   - 6%
Average Price   $1,257,835     $1,159,815   + 8%
Average Original Listing Price   $1,288,692     $1,160,478   + 11%
% of Final Sales Price to Listing Price   99%     103%   - 4%
Days on Market   26     24   + 8%

Yorkville and The Annex Toronto's condo market saw a decline in sales in the 1st quarter of 2018, down by 6% to 66 condo sales. Sales prices for the 1st quarter increased by 8%, a strong showing based on the condo market throughout the city. The average price comes in at a strong $1,257,835 per suite. We spoke last year of how the pre-construction market would affect resale with the new condos beginning their VIP programs in the 1st quarter of 2018. As predicted would happen there was very little if any affect infact. The main reason of this is how expensive the new condos are, priced per sq. ft. up over an average of $1,200,000 per square foot and resale just under $1,000 per sq. ft..

There is still a very strong demand for larger 1,200+ sq. ft. units from empty nesters moving from larger houses. One of the reasons that we have seen the prices increase as there are more larger units being sold. 

Another statistic showing that the market will remain strong is that we are seeing 99% of the final sales price to the listing price. Also, condos are selling within a month. 

Yorkville and The Annex still has pockets that are offering units under $800 per square foot. However, we are seeing the average sit high-mid $900's per square foot, which is down from a few years ago but still very strong in this climate. Yorkville continues to hold close to $995 per sq. ft. in many of its buildings, but of course this depends on the status and the amenities of the building.

*** Please Note -These prices do not truly portray the fact that many of these super luxury condo units are from $1300 to over $1,500 per sq. ft.. ***

 

 

 

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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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