So, how did everyone’s first month of the New Year go? Any resolutions or goals achieved? The weather has certainly set a new precedent with January 17th’s snowfall being one of the top 10 heaviest in Canadian history. We’re hoping everyone is staying warm and safe during these times.
As of Tuesday February 8th, 2022, 84.79% of the total Canadian population has received at least one dose of the COVID vaccine, 79.60% has received at least two doses & 42.59% are fully vaccinated with a third dose. That’s more than 79,280,446 doses of approved COVID-19 vaccines that have been administered across Canada.
As of February 2nd, 2022, Ontario gradually lifted public health measures and is in modified Step 3 of the Province’s Roadmap to Reopen. This means that indoor social gatherings and organized public events of up to 10 people from different households are permitted (with face coverings or masks and physical distancing required), outdoor social gatherings of up to 25 people from different households are permitted (with no capacity limits but face coverings or masks required for organized public events) & travel between regions are permitted. Of course, this is just a summary of a few of the guidelines, but you can catch up by visiting Toronto.ca’s “COVID-19: Guide for Toronto Residents”
And that’s what you missed on… Reopening Ontario… for real, this time!
Now, on to real estate! This month, we saw an increase in total condo sales month over month, year over year & a drastic increase in sales volume (sorry for the spoiler). Let’s delve into the numbers for our Liberty Village condo market in January and let them do the talking.
How Many Condos Sold in Liberty Village In January?
January 2022 saw a total of 34 condo sales in Liberty Village. In comparison, December 2021 saw a total of 28 condo sales. A 21.43% increase – we expected this, but we are happy to see this healthy increase in the present market. If you remember November 2021’s market stats, it was an uncharacteristically busy month. Then, we saw number of condo sales decrease for December, as expected. Now, for the month of January, they’ve steadily increased by 21.43%, which means the market is picking up and 21.43% more buyers had enough confidence in the market to make one of the largest purchases of their lifetimes.
When looking at condo sales year over year, January 2021 had 38 sales. Yep, we expected this as well – a 10.53% decrease in condo sales year over year. If you’ve been keeping up with our market updates via IG or following real estate in the news, you know that there is a massive shortage in condo inventory and an unprecedented amount of buyers looking for condos. So, the decrease year over year is not surprising to us, especially when we’re seeing so little inventory for buyers to choose from. Keep this in mind when we’re talking about sales volume – decrease in supply and increase in demand creates for crazy prices.
To sum it up, condo sales in January increased 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 the sheer lack of inventory. 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 January 2021 to January 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 January 2022 was $867,799 on the 34 sales. The average sale price for the 38 sales in January 2021 was $674,055. A remarkable 28.74% year over year increase in sale price. THAT’S ABSOLUTELY INSANE!! This means that the average sale price for condos/townhomes in Liberty Village raised almost 30%. Now, let’s reference the year over year decrease in number of condo sales. As we mentioned earlier on in this post, there was a huge shortage in condo inventory for the month of January 2022 (and there still is). When there is a lack of supply and overwhelming demand, this dramatically drives prices up. And we can see this in true form with the almost 30% increase in average sales price year over year.
The average sale price in January 2022 was $867,799 on the 34 sales. The average sale price for the 38 sales in January 2021 was $674,055. A remarkable 28.74% year over year increase in sale price. THAT’S ABSOLUTELY INSANE!! This means that the average sale price for condos/townhomes in Liberty Village raised almost 30%. Now, let’s reference the year over year decrease in number of condo sales. As we mentioned earlier on in this post, there was a huge shortage in condo inventory for the month of January 2022 (and there still is). When there is a lack of supply and overwhelming demand, this dramatically drives prices up. And we can see this in true form with the almost 30% increase in average sales price year over year.
Now, what about sales volume month-over-month? The average sale price in December 2021 was $797,539 on the 28 sales. A notable 8.81% month over month increase in sale price. Wow! That’s a drastic average sale price increase month-over-month. This means, sale prices increased by almost 9% in the span of a month. Again, we’ll reference back to what we said just a paragraph up – lack of supply + surge in demand = crazy prices.
The Liberty Village condo market for January 2022 has proven bonkers. November was unusually crazy, December was a bit sleepy and now we’re back to real estate madness. Prices are incredibly high, inventory is incredibly low – it is EXTREMELY competitive.
Any predictions for the upcoming 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.
