A lot has happened over the past month, by means, good things. We see people going to restaurant patios and hosting small gatherings. Things are slowly picking back up to normal. What’s record-breaking is that Scotiabank Arena hosted a one-day vaccination clinic with over 25,000 people being vaccinated on Sunday, June 27th.
The real estate market has been affected in many ways throughout the pandemic, we see there’s a consistent increase in demand for larger condo units such as 1 plus dens, 2 bedrooms, and 3 bedrooms units.
In June 2021, there has been a total of 61 units sold with an average sold price of $802,280 with 14 days on market. In comparison to June 2020, there have been 31 units sold with an average sold price of $$777,039 with 18 days on market. Now that’s a 3.2% increase!
Now, let’s delve deeper into Harbourfront’s real estate condo market in more detail.
For studios, the average sold price for June 2021 was $453,750 which is a 17% decrease compared to June 2020 with an average sold price of $551,500. The number of studios sold remains the same, but the average number of days on market has increased. If you’re thinking of buying a studio, now’s the time!
We see an average sold price of $642,046 which is a %17 decrease compared to June 2020. Interestingly enough, the number of units sold last month was 24 which is a drastic increase compared to last year with only 8 units sold. With this being said, buyers are taking advantage of the condo market before prices start to soar again.
In June 2021, the average sold price for a 1 plus den was $733,794 which is a 4.6% increase compared to last year June 2020 with an average sold price of $701,800. The number of units sold was 17 with an average of 14 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 June 2021 was $1,039,818 with 19 days on the market which is an 11.6% increase compared to last year June 2020 with an average sold price of $931,667 with 28 days on market. The number of days on market has decreased compared to last year June 2020. Demand for larger condo spaces such as 1 plus dens and 2 beds is more desired as people prefer to have more space for their home offices.
In Harbourfront, the average sold price last month for 2 plus dens is $1,286,667 which is a drastic 63% increase compared to June 2020 with an average sold price of $790,000. There were 6 units sold last month with an average of 13 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 the asking price.
For 3 beds, there was only 1 unit sold last month with a sold price of $990,000 and only 5 days on market. Last year June 2020, there was also 1 unit sold with a sold price of $1,309,900 and 13 days on market. The stats based on one unit sold shouldn’t heavily be weighed for comparison.
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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