“December. A desperate celebration of an end.”
– Chandrama Deshmukh, A Teaspoon of Stars
Happy new year!! How’s everyone doing? Any new year resolutions? We thought this quote was a good summary of this past year. A lot of us would like to close the chapter on 2021 and move on to 2022 with a fresh start.
As of Thursday January 6th, 2022, 83.197% of the total Canadian population has received at least one dose of the COVID vaccine and 77.046% of the total Canadian population are fully vaccinated. That’s more than 69,952,213 doses administered & 74,272,404 doses of approved COVID-19 vaccines delivered across Canada.
As of January 5th, 2022, and in response to the rising COVID-19 cases, Ontario moved back into a modified Step 2 of the Roadmap to Reopen. This means that indoor social gatherings are restricted to 5 people or fewer, outdoor gatherings to 10 people or fewer, indoor and outdoor organized public events, weddings, funerals and religious services are restricted, work from home must be prioritized, retail must operate at 50% capacity, camps are closed & indoor service is closed for restaurants and bars. The following measures will be in place for at least 21 days (until January 27) subject to trends in public health and our health system.
And that’s what you missed on… Reopening Ontario… or rather, Lockdown Ontario!
Now, on to real estate! This month, we saw an expected decrease in total condo sales month over month and a decrease in condo sales year over year. Let’s delve into the numbers for our Liberty Village condo market in December and let them do the talking.
How Many Condos Sold in Liberty Village In December?
December 2021 saw a total of 28 condo sales in Liberty Village. In comparison, November 2021 saw a total of 38 condo sales. A 26,32% decrease – as expected. It is normal for December to be sleepier then November, especially when November was such an uncharacteristically busy month.
When looking at condo sales year over year, December 2020 had 31 sales. Interesting!! A 9.68% decrease in condo sales year over year. It’s also important to note circumstances when we consider the year over year decrease. Cases were in the 1,000-2,000s back in December 2020 and the introduction of the first ever COVID-19 vaccine was a huge relief. Fast forward to December 2021, we are two years into the pandemic, with cases in the 11,000s-16,000s – times are MUCH different and the numbers show that. Although, it’s important to note, we are not showing an astronomical decrease in condo sales year over year – we are talking a mere 9.68%.
To sum it up, condo sales in December decreased month over month and decreased year over year and the number of buyers confident enough to make their biggest lifetime purchase was still a healthy number for a Winter market. Let’s not forget- and you’re probably sick of hearing it at this point- this is all 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 December 2020 to December 2021? Let’s take a look at the average sale price for all types of condo sales year over year.