Welcome to hot weather days and summer is just around the corner for all the sun-bathing you need! For all of you who are curious about the Harbourfront condo market statistics for May 2021, we’ve put together all the info you need to compare year over year’s stats. For average sold prices, we see an increase of 4% from last year May to this year May 2021 despite the pandemic.
Now, let’s delve deeper into Harbourfront’s real estate condo market in more detail.
For studios, the average sold price for May 2021 was $502,000 which is a 1% increase compared to May 2020 with an average sold price of $496,500. The number of units sold remains the same and the average number of days on market has increased.
Last month May for 1 beds, we see an average sold price of $640,048 which is a %0.04 decrease compared to May 2020. Interestingly enough, the number of units sold last month was 27 which is a drastic increase compared to last year with only 5 units sold. With this being said, buyers are taking advantage of the condo market before prices start to soar again. The mortgage stress test commencing June 1st would allow buyers to use their purchasing power in May before it becomes tough to buy a home.
In May 2021, the average sold price for a 1 plus den was $714,296 which is a %15 increase compared to last year May 2020 with an average sold price of $621,000. The number of units sold went from 5 to 23 with an average of 11 days on market! The stats showcase the growing demand for 1 plus dens and the increase in the Toronto condo market year over year.
For 2 beds, the average sold price in May 2021 was $1,033,159 with 21 days on the market which is a 9% increase compared to last year May 2020 with an average sold price of $939,800 and 11 days on market. The number of units sold was more than half the quantity compared to last year May. Demand for larger condo spaces such as 1 plus dens and 2 beds is definitely more desired compared to smaller units such as studios and 1 bed during the pandemic.
In Harbourfront, the average sold price last month for 2 plus dens is $1,098,317 which is a 28% increase compared to May 2020 with an average sold price of $855,000. Crazy. There were 6 units sold last month with an average of 21 days on market. As you can see, this is a seller’s market with less inventory and more buyer demand resulting in multiple bidding wars and units selling way over asking price.
For 3 beds, the average sold price in Harbourfront is $1,821,200 with 31 days on market and 5 quantity of units sold which is a 22% increase compared to last year May 2020 with an average sold price of $1,486,633. Keep in mind that the highest sold price last month for 3 beds was $2,400,000 which has drastically increased the sold price by quite a lot.
To sum it up, condos in Harbourfront including the rest of the GTA’s housing supply are HOT. With the vaccine being accessible to all ages, warmer weather and buyers who want to take advantage of the condo market are all contributing factors to the everlasting demand here. Toronto’s condo market will increase year-over-year despite the pandemic.
If you have any questions about the condo market in Toronto, feel free to connect with us below by filling out the form or email us at nicole.li@century21.ca. We’re more than happy to help with your real estate needs. Until next time!
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