“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.
The average sale price in December 2021 was $778,738 on the 28 sales. The average sale price for the 31 sales in December 2020 was $719,429. A fantastic 8.24% year over year increase in sale price. Wow!! This means that the average sale price for condos/townhomes in Liberty Village raised an entire 8.24%. Now, looking back at the year over year condo sales decrease, we’re able to understand the context. Generally, the higher prices are, the less accessible the real estate market becomes. So, while there were a little bit less sales, it makes more sense in the context of a 8.24%, year over year, sales price increase.
The average sale price in December 2021 was $778,738 on the 28 sales. The average sale price for the 31 sales in December 2020 was $719,429. A fantastic 8.24% year over year increase in sale price. Wow!! This means that the average sale price for condos/townhomes in Liberty Village raised an entire 8.24%. Now, looking back at the year over year condo sales decrease, we’re able to understand the context. Generally, the higher prices are, the less accessible the real estate market becomes. So, while there were a little bit less sales, it makes more sense in the context of a 8.24%, year over year, sales price increase.
Now, what about sales volume month-over-month? The average sale price in November 2021 was $820,274 on the 38 sales. A 5.06% month over month decrease in sale price. Ok, interesting! So, sale price is increasing by incredible lengths, year over year, but slowed down a little bit month over month. It’s not unusual to see a slight price decrease month over month, especially when we’re talking December in comparison to November. We don’t expect this trend to continue, when January comes along, so let’s remember this for next year. December can be a sleepy month, but buyers, you may be able to snag an unheard of deal during December 2022 – make a note of that!
The Liberty Village condo market for December 2021 has proven sleepy but healthy. The middle of the Fall went a little sleepy, the end of Fall/beginning of Winter market was unusually busy. Now, in the middle of the Winter market, we’re seeing the usual sleepiness that comes with snow on the ground. Now remember, colder weather/winter months usually = sleepiness in the real estate market. We’re super pumped to watch the remainder of the Winter and beginning of Spring market pan out. Make sure you’re comfy in your seat, it’s going to be a wild ride!!
Any predictions for the remainder of the Winter or beginning of Spring 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.
[…] Curious how December 2022 differed from the year before? Take a look back at our post for the Liberty Village condo stats in December 2021. […]