Happy May folks! Business is not as usual. But what is exactly happening with the condo market in Toronto? How has Covid-19 impacted Toronto’s fiery condo market?
APRIL SALES DOWN (year over year)
1+1 CONDOS SALES DOWN 77%; 2 BED CONDOS SALES DOWN 75%
- Vaughan 1+1 condo sales down 88%
- Richmond Hill 1+1 condo sales down 69%
- Yonge & Sheppard 1+1 condo sales down 80%
- Yonge & Finch 1+1 condo sales down 85%
- Don Mills & Eglinton 1+1 condos down 88%
April 2019 vs April 2020 Condos (by # of bed) Sales Comparison
CERTAIN AREAS/MORE EXPENSIVE 1+1 PRICES DOWN
The data is limited given that each of these neighbourhoods only have so many sales of a condo type a month to begin with, however there appear to be trends.
Higher priced 1+1 condo areas or ones with average prices above 600k have trended downwards.
Eg. Riverside 1+1s appear to be down ~$130,000+ year over year – however this is based on 2 sales in April 2019 and 2 in April 2020, so the data may be a bit skewed. Still, 4 of the other areas have seen average price drops of about ~55-80k.
The majority of areas – notably the ones between the lower avg price of ~420k-555k range to begin with – experienced price growth. Eg. Kennedy and Sheppard condos are up ~$88,500 year over year this April. Similarly, Leslie & Sheppard condos are up about ~$86,000.
The seeming price drops in pricier areas with the coinciding price growth of other areas, put Bayview & Sheppard 1+1 condos in the same range as Corktown 1+1 condos this April. The former is another 14km walk or 20 km drive away from the core so we’d have to look at the actual condos that were sold to compare if the values are closer for other reasons. Or, if it just means you can strike a deal in areas like Corktown right now!
MOST CONDOS ARE SELLING FASTER
Sales have decreased tremendously yet we aren’t seeing properties taking longer to sell. In fact, most condos that are selling, are selling faster on average. This reflects that in many of the neighbourhoods, buyers are more eager than before and to an extent, the dip in sales could be due to limited inventory available for sale. / Note to self: Confirm ratio of new listings asap /
We looked at the east side for the most part. Some of the neighbourhoods we analyzed include Regent Park, East Bayfront, Distillery District, St Lawrence Market, Corktown, Riverside, The Beaches, Don Mills & Eglinton, Yonge & Eglinton, Yonge & Sheppard, Yonge & Finch, Bayview & Sheppard, Leslie & Sheppard, Fairview Mall area, Kennedy & Sheppard, Scarborough Town area, Warden & Hwy 7, Thornhill - well you get the idea. The only areas west of Yonge are Richmond Hill and Vaughan and Pickering is the east edge.