As the Toronto real estate market has experienced its dip since the springtime, Liberty Village has largely been protected from most of the effects. In fact, some would easily argue that our local market is even hotter than it was back in early 2017.
As a community primarily of condo developments, Liberty Village’s condo marketplace has been very strong in the face of lowered property values on detached and semi-detached housing in the GTA.
Additionally, though in some neighborhoods property values have fallen, Liberty Village has largely retained much of its value without a bump in the road.
That might be about to change… or, it might not be. It depends on how one interprets the data available to us right now. Among the top trends in Toronto real estate, we chose three very interesting ones that have a direct impact on the condo market and specifically in Liberty Village.
Condo Prices have increased 26 percent since last year
According to the most recent data, in the City of Toronto, the average condo price is currently 26 percent higher than what it was at the same time last year. Comparing year over year data, recent numbers published by the Toronto Real Estate Board reveals that the average price for a condo has risen to $479,800.
This news is welcome to Liberty Village where there are a number of condos available for purchase. At a time when Toronto home sales across the GTA are down 35 percent, this is welcome news for condo owners who have seen their values remain strong and growth constant. With growth not set to diminish anytime soon, now is a great time to buy in Liberty Village.
Prices continue to fall in Many Toronto Neighborhoods (although not downtown)
Despite the strong showing throughout the GTA overall, the truth of the matter is that in roughly 75 percent of Toronto neighborhoods, condo prices have actually gone down. It’s been the growth in the other 25 percent that have resulted in the average increase overall.Some might be worried about the beginning of
Some might be worried about the beginning of drops in condo values but rest assured that this is hardly a trend as of yet. The Toronto real estate market has struggled to retain values in detached homes primarily. Condo developments such as those in Liberty Village have largely been spared – at least, until now. As the market has continued to cool, some neighborhoods have seen growth stall. In an area such as Liberty Village, this might be a great opportunity for buyers to come in on properties with owners that are motivated to sell.
Condo Sales overall are Down by 28 Percent since Last Year
Even though the average condo price continues to grow, the amount of condo sales transactions has fallen 28 percent since the same time last year.
What this translates to is that even though values have been increasing on average, there are less condos being sold today compared to last year. In terms of why this is the case, it’s easy to point to the foreign buyer tax, mortgage stress testing, and higher interest rates as all a reason why sales have slowed.
Liberty Village Condo Statistics
The average price for a Liberty Village condo is $470,000-$480,000 according to September 2017 data.
The average value of a Liberty Village condo has risen approximately 24.09 percent since the same time last year.
Just going by these two figures alone, yes, other neighborhoods in Toronto might have something to worry about. Right now, in Liberty Village, there is still a very healthy condo marketplace that continues to boast strong values and record growth. For sellers, they have lost little value, if any at all. For buyers, with all of the press surrounding other neighborhoods where prices have dropped significantly, if one can find a seller who is motivated, you might be able to cut yourself a pretty good deal.