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

Welcome to the month of July!

In reference to July, Kellie Elmore once said,

I love how summer just wraps its arms around you like a warm blanket

We agree! Maybe not so much when the sun is scorching midday, but when it starts to set and the breeze hits… ooooh a warm blanket it is!

In last month’s market update, we talked about feeling like there was finally some light at the end of the (almost) two year COVID tunnel. In the month of July, we feel like the light is getting brighter and the tunnel ending is approaching. It’s so hard to predict the future, but we hope it is bright!

As of Wednesday July 7th, 2021, 68.21% of the total Canadian population has received at least one dose of the COVID vaccine and 37.76% of the total Canadian population are fully vaccinated. As of June 30th, Ontario began step 2 of the reopening plan! In order to move to step 3, 70-80% of adults must be vaccinated with one dose and 25% must be vaccinated with two doses. Step 3 is on the horizon!!

Now, on to real estate! Like May, we saw an increase in total condo sales year over year. Let’s delve into the numbers for our Liberty Village condo market in June 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 June?

June 2021 saw a total of 44 condo sales in Liberty Village. In comparison, June 2020 had 34 sales. Awesome!! A near 130% jump in condo sales year over year.  As predicted by the experts, the more the Canadian population became vaccinated, the more condo sales would jump year over year. We’re glad the experts were correct in their prediction! When comparing June 2021 stats to June 2019 stats, there is still a near 126% jump in sales year over year. Meaning, sales were nearly 126% higher during the recovery of a pandemic than a “normal” month like June 2019. To summarize, year over year, the number of buyers confident enough to make their biggest lifetime purchase increased by 30%, 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 June 2020 to June 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 June 2021 was $744,436 on the 55 sales. The average sale price for the  34 sales in June 2020 was $723,321. A 1.03% year over year increase in sale price! Incredible – the first year over year sale price increase we’ve seen in 2021. Hopefully, this year over year sale price increase indicates that values are now rising after almost 2 years into a pandemic. Buyers are definitely noticing the light at the end of the tunnel that we’ve been talking so much about!

The average sale price in June 2021 was $744,436 on the 55 sales. The average sale price for the  34 sales in June 2020 was $723,321. A 1.03% year over year increase in sale price! Incredible – the first year over year sale price increase we’ve seen in 2021. Hopefully, this year over year sale price increase indicates that values are now rising after almost 2 years into a pandemic. Buyers are definitely noticing the light at the end of the tunnel that we’ve been talking so much about!

We’re very pleasantly surprised with the June 2021 Liberty Village condo market, especially when comparing it to the “normalcy” of June 2019 and considering the increase in year over year average sale price.

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.