How’s The Condo Market Looking? Liberty Village Condo Market Update | July 2021

“Everything good, everything magical happens between the months of June and August.” – Jenny Han

Wisely said! We couldn’t agree more. And we hope your summer has been magical and filled with everything good. Enjoy the weather, take some time to relax… you deserve it!

The summer months are usually a sleepier time for the real estate market. Lots of people travel while others recuperate and prep to list/buy in the Fall. Although, if we’ve learned anything about the past almost 2 years, we know almost nothing is guaranteed.

As of Wednesday August 4th, 2021, 71.04% of the total Canadian population has received at least one dose of the COVID vaccine and 59.88% of the total Canadian population are fully vaccinated. That’s more than 49,920,544 doses of approved COVID-19 vaccines that have been administered across Canada. As of July 16th, Ontario began step 3 of the reopening plan! The transition from step 2 to 3 came 5 days earlier than scheduled, which was a pleasant surprise for many. According to Ontario.ca, “the province will remain in Step Three for at least 21 days and until 80% of the eligible population aged 12 and over has received one dose of a COVID-19 vaccine and 75% have received their second, with no public health unit having less than 70% of their eligible population aged 12 and over fully vaccinated.” That is, provided other key public health and health care indicators remain stable. We are on track to “exit the roadmap”!

Now, on to real estate! This month, we saw just a slight decrease in total condo sales year over year. Let’s delve into the numbers for our Liberty Village condo market in July 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 July?

July 2021 saw a total of 35 condo sales in Liberty Village. In comparison, July 2020 had 36 sales. Just the tiniest decrease! A near 2.78% decrease in condo sales year over year.  To be expected when the condo market has quite literally been bonkers over the past couple of months and considering a season like Summer. When comparing July 2021 to July 2019 stats, there is still an exact 2.78% decrease in sales year over year. To sum it up, condo sales in July have remained very steady and the number of buyers confident enough to make their biggest lifetime purchase remained fairly consistent through 2019, 2020 & 2021, 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 July 2020 to July 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 July 2021 was $688,541 on the 35 sales. The average sale price for the 36 sales in July 2020 was $754,622. A 8.76% year over year decrease in sale price. Very interesting – out of the 7 months that have occurred so far in 2021, 6 have had year over year sale price decreases, with June being the first year over year sale price increase. When we look a little closer at the numbers, we’ll notice that there was a sale at the coveted Toy Factory Lofts, 43 Hanna Ave, for $2,588,000. A 3-level, 3+1 bed, 4 bath loft unit with 21ft ceilings and spanning over 2,750sqft. When we compare the highest July 2020 sale to the highest July 2021 sale ($949,000), there is an enormous 63.33% decrease year over year. Now, the 8.67% year over year decrease in sale price makes a lot more sense, when we take this value into context! At first glance, the year over year decrease can be discouraging, but we have to remember to look at the bigger picture (or rather smaller picture, in this case)!

The average sale price in July 2021 was $688,541 on the 35 sales. The average sale price for the 36 sales in July 2020 was $754,622. A 8.76% year over year decrease in sale price. Very interesting – out of the 7 months that have occurred so far in 2021, 6 have had year over year sale price decreases, with June being the first year over year sale price increase. When we look a little closer at the numbers, we’ll notice that there was a sale at the coveted Toy Factory Lofts, 43 Hanna Ave, for $2,588,000. A 3-level, 3+1 bed, 4 bath loft unit with 21ft ceilings and spanning over 2,750sqft. When we compare the highest July 2020 sale to the highest July 2021 sale ($949,000), there is an enormous 63.33% decrease year over year. Now, the 8.67% year over year decrease in sale price makes a lot more sense, when we take this value into context! At first glance, the year over year decrease can be discouraging, but we have to remember to look at the bigger picture (or rather smaller picture, in this case)!

The July 2021 Liberty Village condo market has proven very steady,  especially when comparing it to the “normalcy” of July 2019 and considering the slight decrease in year over year average sale price. As mentioned previously, we know that Summer tends to be a sleepier real estate season. We’re excited to see how the market progresses going into end of the Summer and the  beginning of fall.

Any predictions for next month, this Summer or the Fall 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.