Welcome to the month of March! The good news is that spring weather is quickly approaching, however, there will be colder days during this month. This month officially wraps up winter, so be sure to take advantage of winter activities like snowboarding, skiing, skating, and tobogganing.
Now let’s delve into February’s condo market in Toronto Harbourfront & Waterfront.
The average sold price was $841,694 with 120 units sold and an average of 15 days on market. Compared to February 2021, the average sold price was $764,366 with 151 units sold and an average of 22 days on market. A total 10% increase compared to last year.
In February 2022, there were 5 studios sold with an average sold price of $560,776 and an average of 7 days on market. In contrast, there were 6 studios sold in February 2021 with a sold price of $465,083 and an average of 37 days on market. A 20% increase.
Last month, we see an average sold price of $714,147 which is a 20% increase compared to February 2021. Last February, there were a total of 32 units sold and an average of 12 days on the market compared to February 2021 with 49 units sold and 13 days on market. Last month, there has been a drastic increase in average sold price and a whopping demand for housing in downtown and the overall GTA.
In February 2022, the average sold price for a 1 plus den was $795,499 and the number of units sold was 46 with an average of 17 days on the market which is a 17% increase. Compared to last year’s February 2021, there was an average sold price of $681,023 with a total of 44 units sold and an average of 27 days on market. From last to this year February, there has been a huge increase in buyer demand. One plus dens are the most popular layout and buyers usually want an extra den for their work from home office.
For 2 beds, the average sold price in February 2022 was $1,051,232 with 15 days on the market and a total of 34 units sold. In February 2021, the average sold price was $970,104 with 29 days on market and a total of 46 units sold. That’s a 8% increase from last year. The numbers show less inventory, higher average sold price, and fewer days on market meaning demand over supply.
For 3 beds, there were 2 units sold last month and the sold price was $1,458,444 with 13 days on market. Compared to February 2021, there was an average sold price of $1,805,400 with 25 days on market and 5 units sold.
I know you’ve probably heard enough of this saying, but if you’re thinking about buying a home, now is really the time. The market will keep increasing with the steep population levels migrating to Toronto. I know a few of our clients have already made over 100k in the span of a few months due to the rising housing prices. Buy now and you won’t regret it.
Questions about the real estate market in Toronto Harbourfront and Waterfront? Send us an email at firstname.lastname@example.org and we will get back to you as soon as possible or simply fill out the contact form below.