DT Core - Condo Prices and Trends

Saturday Apr 25th, 2020

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The following chart is tracking recent trends in the condominium market in DT Toronto, specifically the following communities:

  • Bay Street Corridor
  • Church-Yonge Corridor
  • Moss Park
  • Waterfront C1
  • Waterfront C8

To compare apples to apples only one and one plus one units are being tracked.

The data is tracked starting September 1, 2019 to illustrate the most recent trends and the impact of Covid-19 on this segment of the real estate.

Initially I was going to do weekly chart but the sales volume as of right now is so low that the charts would be meaningless, therefore the charts are prepared based on semi-monthly intervals.

Please see previous period comments under the charts.

Comments for April 30, 2020.

Volume.

In the first second half of April 2020 49 units were sold, this compares to 127 units sold in the first half of March 2020, but more interestingly first half of April 2020 had only 29 sales, while the number of units sold continued to be low, it is an increase of 69% over the first half of the month (while still 61% lower than first half of March 2020).

While the volume is still quite low, I thought it was interesting to see an increase in the number of units sold especially given the fact the area has a lot of short-term rentals.

In analyzing specific buildings there is no rush of sales in any particular buildings, the sales are spread evenly across, and no building had more than two units sold.

Here are the numbers for first and second half of April for each community analyzed, the numbers in brackets are for the first half of April 2020: Bay Street Corridor 7 (2), Church-Yonge Corridor 10 (5), Moss Park 6 (4), Waterfront C1 19 (15), Waterfront C8 7(4). It appears all communities had increase in units sold and there isn’t any particular community that stands out.

Sold to list ratio.

Sold to list ratio currently sits at 99%, this compares to 100% for the first half of April 2020, and 107% for the first half of March 2020.

DOM.

Days on the market increased to 21, this is an increase from 14 in the first half of April 2020.

Average Selling Price.

The average selling price for the one and one plus one-bedroom condos in the area was $624,406 in the second half of April 2020, this is a slight decrease of 1.2% from the first half of April 2020.

Summary.

The DT one-bedroom condo market hasn’t experienced drastic changes in the second half of April 2020 in comparison to the first half of the month, it has experienced changes nevertheless. I think the increase in volume (while still abysmal) in conjunction with a significant increase in DOM and a slight decrease in prices and sold to list ratio, is an indication that there is a downward pressure on this segment of the market. I have done market analysis for York region condos (Markham, RH, Vaughan), that market is pretty much flat with no changes in comparison to the first half of April 2020, it is interesting to see how different the two areas are behaving, possibly because of the abundance of short term rentals in the DT core.

 

Comments for April 15, 2020.

Volume.

In the first half of April 2020 only 29 units were sold, this compares to 127 units sold in the first half of March 2020, a decrease of 73%. The small samples size of the April sales provides challenges when calculating the averages as the volume is very small.

Sold to list ratio.

Sold to list ratio currently sits at 100%, this compares to 107% for the first half of March 2020, this confirms the fact the bidding wars are not common at the moment.

DOM.

Days on the market increased to 14, the few properties which are selling, are selling fairly quickly.

Average Selling Price.

The average selling price for the one and one plus one-bedroom condos in the area was $632,269 in the first half of April 2020, the peak price of $711,954 was in the second half of February 2020, a decrease of $79,685 or 11%. The small volume of transactions makes it difficult to compare with previous periods, but it is safe to assume the upward price trend has been broken.

If you would like a report with trends for a particular segment of the market please contact us.

 

Please let us know if you have any questions.

Thank you.

Comments for April 15, 2020.

Volume.

In the first half of April 2020 only 29 units were sold, this compares to 127 units sold in the first half of March 2020, a decrease of 73%. The small samples size of the April sales provides challenges when calculating the averages as the volume is very small.

Sold to list ratio.

Sold to list ratio currently sits at 100%, this compares to 107% for the first half of March 2020, this confirms the fact the bidding wars are not common at the moment.

DOM.

Days on the market increased to 14, the few properties which are selling, are selling fairly quickly.

Average Selling Price.

The average selling price for the one and one plus one-bedroom condos in the area was $632,269 in the first half of April 2020, the peak price of $711,954 was in the second half of February 2020, a decrease of $79,685 or 11%. The small volume of transactions makes it difficult to compare with previous periods, but it is safe to assume the upward price trend has been broken.

If you would like a report with trends for a particular segment of the market please contact us.

 

Please let us know if you have any questions.

Thank you.


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