“There is a clarity about September… the sun seems brighter, the sky more blue, the white clouds take on marvellous shapes; the moon is a wonderful apparition, rising gold, cooling to silver; and the stars are so big .” – Faith Baldwin
Hello September! We know you guys have been enjoying the monthly quotes, so we decided to continue the tradition. And what a great quote! The sun does seem brighter, the sky is certainly more blue and we’re enjoying enjoying the cooler weather… maybe not so much the storms, but you take what you can get.
August is really considered the end of the Summer. Like we mentioned last monthly update, the summer months are usually a sleepier time for the real estate market. September brings the Fall market and, in “normal” times, real estate picks up. If the last several days of September have been any indication, the real estate market has definitely picked up. But let’s talk about August! That’s what you’re all here for.
As of Thursday September 10th, 2021, 74.12% of the total Canadian population has received at least one dose of the COVID vaccine and 67.92% of the total Canadian population are fully vaccinated. That’s more than 54,161,320 doses of approved COVID-19 vaccines that have been administered across Canada. We are still currently in Step 3 of the Re-opening Plan and you might be thinking, “what’s next?” According to Ontario.ca, “In response to evolving data around the Delta variant and based on the recent experiences of other jurisdictions, the government, in consultation with Ontario’s Chief Medical Officer of Health, is pausing the exit from the Roadmap to Reopen.” So, when will we exit the roadmap? “The Chief Medical Officer of Health and other health experts will continue to monitor the data to determine when it is safe to exit the Roadmap and lift the majority of public health and workplace safety measures currently in place.” Fair enough – let’s trust the experts!
Now, on to real estate! This month, we saw just a pretty substantial increase in total condo sales year over year and month over month. Let’s delve into the numbers for our Liberty Village condo market in August and let them do the talking.
If you are think of selling your condo this summer or fall and don’t know where to start have a look at out hugely popular Liberty Village Condo Selling Guide.
How Many Condos Sold in Liberty Village In August?
August 2021 saw a total of 48 condo sales in Liberty Village. In comparison, August 2020 had 33 sales. Awesome!! A 45.45% increase in condo sales year over year. Now, last month, July 2021 saw a total of 35 condo sales in Liberty Village. Month over month, that’s a 37.14% increase – wow! We are actually quite pleasantly surprised with these numbers, especially when, historically, August tends to be a very sleepy month for real estate. A notable mention to this being the first time August sales have been higher than July sales since 2018. As mentioned previously, many prep to buy or sell for the Fall, so the fact that condo sales increased both year over year and month over month means that August was an unusually busy month! To sum it up, condo sales in August increased greatly and the number of buyers confident enough to make their biggest lifetime purchase climbed dramatically, both year over year and month over month, despite being almost 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 August 2020 to August 2021? Let’s take a look at the average sale price for all types of condo sales year over year.
The average sale price in August 2021 was $747,208 on the 48 sales. The average sale price for the 33 sales in August 2020 was $759,909. A 1.7% year over year decrease in sale price. Interesting! A tiny tiny percentage decrease, but the odds were in favour of that given 7 of the 8 months in 2021 have had year over year sale price decreases. Now, what about sales volume month over month? The average sale price in July 2021 was $688,541 on the 35 sales. A 8.52% month over month increase in sale price. Wonderful! So, sale price is steadily increasing and by a large amount! To sum it up, we aren’t exactly where we were last year, in terms of average sale price, but month over month, we’re excited to see that sales volume has increased.
The average sale price in August 2021 was $747,208 on the 48 sales. The average sale price for the 33 sales in August 2020 was $759,909. A 1.7% year over year decrease in sale price. Interesting! A tiny tiny percentage decrease, but the odds were in favour of that given 7 of the 8 months in 2021 have had year over year sale price decreases. Now, what about sales volume month over month? The average sale price in July 2021 was $688,541 on the 35 sales. A 8.52% month over month increase in sale price. Wonderful! So, sale price is steadily increasing and by a large amount! To sum it up, we aren’t exactly where we were last year, in terms of average sale price, but month over month, we’re excited to see that sales volume has increased.
The Liberty Village condo market for August 2021 has proven exciting and out-of-character, but in a very good way! It seems as if the market woke up extra early and we’re starting end of Summer and beginning of Fall with a BANG. We’re excited to see how the Fall market progresses and whether we’ll have any super interesting surprises.
Any predictions for next month, the rest of Fall or the Winter market? Let us know in the comments below.
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.
