While March 20th was the official first day of Spring, it’s finally starting to ACTUALLY feel like Spring weather. You guys know what I’m talking about – those warm, sunny days where you can get away with a light jacket or even shorts and a t-shirt… those are the days!

As of Wednesday April 6th, 2022, 85.45% of the total Canadian population has received at least one dose of the COVID vaccine, 81.81% has received at least two doses & 48.60% are fully vaccinated with a third dose. That’s more than 32,112,659 doses of approved COVID-19 vaccines that have been administered across Canada.

As of March 21st, 2022, general masking requirements were lifted, however, masking is still required in certain indoor settings (i.e. public transit, health care settings- hospitals, psychiatric facilities, doctor offices, immunization clinics, laboratories & specimen collection centres), home and community care providers locations (if you are an employee or contractor), long-term care and retirement homes, shelters and other congregate care settings that provide care and services to medically and social vulnerable individuals. If you are interested for a complete list of settings and exceptions to masking requirements, please visit Ontario.ca’s O. Reg. 364/20. Also important to mention, passive screening of individuals prior to entering a business is no longer required and businesses and organizations that are open are no longer required to prepare and make available a safety plan. If you have questions about what will be open or impacts to your business or employment, call the Stop the Spread Business Information Line at 1-888-444-3659.

Now, on to real estate! This month, we saw a decrease in total condo sales year over year, no change month over month, an increase in sales volume year over year, but a decrease month over month. Let’s delve into the numbers for our Liberty Village condo market in March and let them do the talking.

How Many Condos Sold in Liberty Village In March?

March 2022 saw a total of 53 condo sales in Liberty Village. In comparison, March 2021 saw a total of 57 condo sales. A 7.02% decrease – this is very interested! If you’ve been keeping up with real estate news, you’ll know that inventory has recently increased and interest rates have gone up. Now, this is good news for buyers – less competition, more inventory… the only off-side is higher interest rates. Sellers, don’t fret – we don’t foresee prices to only increase from this point on. In summary, the market has cooled off slightly and 53 buyers had enough confidence in the market to make one of the largest purchases of their lifetimes.

When looking at condo sales month over month, February 2022 had 53 sales. Jinx, you owe me a soda! That’s the exact same number of condos sales March 2022 had month over month, which means it has remained the same. Historically, we see that condo sales and inventory increase as the market transitions from Winter to Spring. Interestingly enough, we had a pretty insane Winter market this year, so it will be interesting to see if we have the usual bonkers Spring market, or if that already happened during the Winter market. Stay tuned!

To sum it up, condo sales in March remained the same month over month and decreased year over year and the number of buyers confident enough to make their biggest lifetime purchase was a healthy number despite a lack of inventory, crazy prices and increased interest rates. Let’s not forget- and you’re probably sick of hearing it at this point- this is all despite being more than 2 years into a global pandemic.

Sales volume tells us part of the story. Let’s look at prices. Did values increase, remain the same or decrease from March 2021 to March 2022? Let’s take a look at the average sale price for all types of condo sales year over year.

The average sale price in March 2022 was $784,316 on the 53 sales. The average sale price for the 57 sales in March 2021 was $732,505. An fantastic 7.07% year over year increase in sale price. If you follow real estate in the news, you know that condo prices are going for hundreds of thousands over MARKET VALUE. Now, let’s just take a second to think about that. We’re not just talking about condo prices going hundreds of thousands over listing price, we’re talking hundreds of thousands over market value. Basically, whoever can pay the most, wins the condo. Now, this 7.07% year over year increase makes complete sense. Inventory is extremely low (despite there being an increase in inventory of last month and this month) and there is still a massive amount of buyers trying to make their way into the Toronto real estate market – supply is low and demand is over the roof. It seems that the increase in interest rates has affected the number of condo sales, year-over-year, in March only slightly. However, we know that the steady month-over-month sales and the 7.01% year over year increase means that they did have a large enough affect to bring down sales volume and month-over-month condo sales.

The average sale price in March 2022 was $784,316 on the 53 sales. The average sale price for the 57 sales in March 2021 was $732,505. An fantastic 7.07% year over year increase in sale price. If you follow real estate in the news, you know that condo prices are going for hundreds of thousands over MARKET VALUE. Now, let’s just take a second to think about that. We’re not just talking about condo prices going hundreds of thousands over listing price, we’re talking hundreds of thousands over market value. Basically, whoever can pay the most, wins the condo. Now, this 7.07% year over year increase makes complete sense. Inventory is extremely low (despite there being an increase in inventory of last month and this month) and there is still a massive amount of buyers trying to make their way into the Toronto real estate market – supply is low and demand is over the roof. It seems that the increase in interest rates has affected the number of condo sales in March only slightly. However, we know that the steady month-over-month sales and the 7.01% year over year increase means that they did have a large enough affect to bring down sales volume and month-over-month condo sales.

Now, what about sales volume month-over-month? The average sale price in February 2022 was $853,011 on the 53 sales. A very interesting 8.05% month over month decease in sale price.  Now, why would there be a decrease? Well, believe it or not, the market has cooled compared to February. In relation to last year, it’s still hot as ever, but if we compare it month over month, inventory has increased a tiny bit and interest rates have gone up. So, while inventory will likely not catch up to demand, the small addition of condos and increase in interest rates has softened the crazy sale prices. What does this mean for the upcoming months? Our guess is that it’s going to remain crazy and sale prices will continue to climb, especially when we’re talking about Spring, the historically busiest real estate market.

The Liberty Village condo market for March 2022 has proven crazy. While February was bonkers, we’re calling the month of March, still, a crazy one.

Any predictions for the Spring or Summer market? Let us know in the comments below.

Curious how March 2022 differed from the month before? Take a look back at our post for the Liberty Village condo stats in February 2022.

If you have any specific questions about the market or are curious as to how this relates to your Liberty Village condo, get in touch. You can fill out our Condo Value Form or send us an email.

Kylie Solway

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