Hello November! The weather has certainly gotten a lot colder and winter is just around the corner. Make sure to have your hats, mittens, scarves, and coats ready to prepare for the harsher winter months. On another note, the government requests all Ontario residents to issue a newly enhanced vaccine certificate for proof of vaccination and this will become your access pass to almost everywhere you go. You can get your COVID-19 proof of vaccination QR code here https://covid-19.ontario.ca/get-proof/
What’s happening with the Toronto Harbourfront’s real estate market? Let’s take a look below!
In October 2021, there were 3 studios sold with an average sold price of $513,000. In contrast, there was only one studio sold in October 2020 with a sold price of $485,000 and an average of 9 days on market. A 5.8% increase.
Last month, we see an average sold price of $673,888 which is a 19% increase compared to October 2020. There were a total of 36 units sold and an average of 14 days on market compared to last year in October with 22 units sold and 21 days on market. The increase in numbers showcases Toronto as a growing city and which affects the demand for housing in the GTA. One bedroom and one plus den layouts are one of the most popular units amongst condo buyers as opposed to 2 beds and 3 beds.
In October 2021, the average sold price for a 1 plus den was $715,485, the number of units sold was 38 with an average of 12 days on the market which is a 19.6% increase compared to last year’s October 2020 with an average sold price of $598,352. Value and demand will increase for 1 plus dens year over year as Toronto continues to grow in population.
For 2 beds, the average sold price in October 2021 was $1,407,500 with 25 days on the market and a total of 8 units sold. In October 2020, the average sold price was $831,556 with 18 days on market and a total of 9 units sold. That’s a 69% increase from last year. The percentage increase should not be heavily weighed since while some units are similar in layout, but other factors such as size, views, and overall quality are inconsistent which steeply affects the overall sold price.
In Toronto Harbourfront/Waterfront, the average sold price last month for 2 plus dens was $1,080,906 which is an 11% increase compared to October 2020 with an average sold price of $969,822. There were 18 two plus dens sold last month with an average of 17 days on market.
For 3 beds, there were 3 units sold last month with an average sold price of $1,570,296 which is a negative 28% decrease compared to last year’s October with an average sold price of $2,193,375 and with 28 days on market.
As the winter season approaches, the real estate market is moving at a slower pace since people are more hesitant to move during the cold. On the other hand, fall generally is one of the busiest seasons for buyers, sellers, and renters.
Questions about the real estate market in Toronto Harbourfront and Waterfront? Send us an email at email@example.com and we will get back to you as soon as possible or simply fill out the contact form below.