Including: Toronto Waterfront West, Business and Entertainment, Financial District, Bay Street Corridor
% of Final Sales Price to Listing Price
Days on Market
Downtown Toronto's condo market continues to thrive. We saw sales this quarter at almost 700 units, up by more than 6% over the prior year. Sales prices continue to rise as the average price rose from $431,875 in the second quarter of 2013 to over $443,000, again up by 3%. Inventory continues to grow, up 3% over the same period last year to over 2,100 new listings in the 2nd quarter of 2014. We still had over 1,200 listings on the market at the end of quarter. So inventory continues to be strong, sales are good and prices have risen. This paints a great picture for the rest of 2014.
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 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 3rd 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.