The Toronto condo summer market ended without a bang, with monthly sales down 69% from last year and 62% below the monthly average for the past 10 years. However, expect a busy Fall – we expect that 2017 could still be a record year of new home sales driven by the strong condo market. Pre-construction condo developments like Bianca Condos are selling quickly.
86% of Houses Sold Last Month Were Multi-Family Homes
The demand for multi-family homes is growing, and we expect to see larger condo units being built to accommodate families in the downtown Toronto area. Only 14% were single family homes, due to the extremely high cost in the region.
Toronto is on Track for Record Sales in 2017
Despite a slow end to summer, home sales have been up overall this year and could make record history if we see a strong Fall market.
Prices Continue to Increase Overall
The average multi-family home is up 34% to $644K and single-family homes are up 38% to $1.28M in the Toronto region. Pricing per square foot is up to an avg $750, up from $595 a year ago.
Not as Many New Listings as Expected
Despite predictions of post-Labour day increases in supply, new listings have been underwhelming and bidding wars are heating up as a result. If you’re looking for a competitive price for a condo, pre-construction condo developments may be worth the wait.