November is often viewed as the “beginning of the end” of the fall real estate market. The weather starts getting colder and people start thinking about holiday parties and shopping for loved ones. A lot of would-be buyers and sellers are thinking ahead to 2020 and are putting their searches on temporary hold. Let’s take a look at the November statistics for Liberty Village condo sales.
November saw 23 condo sales in Liberty Village, compared to 33 sales in October – a 33% decrease from one month to the next. The average sale price this November was $684,065. Last year (November 2018), the average sale price was $612,067, that’s a total percentage increase of 11.8%. The numbers are shown to prove the escalating demand within only a year.
Total average sale prices don’t always tell the complete story so let’s break it down:
Studios
There were 0 sales for studios this November nor last November.
1 Bedroom
There were 8 one-bedrooms sold this November with an average sale price of $562,563. Back in November 2018, there were a total of 12 sales with an average sale price of $542,825, and that’s a 3.6% increase in the sales price.
1 Bed Plus Den
In November, there were 5 sales for one bed plus den with an average sale price of $629,600. In comparison to last year’s November stats, there were 13 sales with the average sale price of $591,138, an increase of 6.55%.
2 Beds
For 2 beds, there were 3 sales this November with an average sale price of $745,667. In comparison to last year’s November, there were 8 sales with an average sale price of $659,375 which demonstrates a 13.1 % increase.
2 Beds Plus Den
This November, there were 7 sales with an average sale price of $835,429. In November 2018, there were a total of 6 sales with an average sale price of $732,817 – that’s a whopping 14% increase.
To conclude, our 11.8% increase in sale prices and the decrease in the number of sales compared to November 2018 reflect a lot of wha. According to TREB, “Home prices are expected to keep rising as the supply of new and active listings on the Toronto-area real estate market continues to dwindle.” The price for condos has made it challenging for people to afford a home, and it’s important to see if buyers find more value in low-rise homes outside the GTA.
Looking Ahead
Overall the city of Toronto will continue feel that squeeze of supply but perhaps we are starting to see some light at the end of the tunnel – at least for the time being. All that condo construction that has been going on for the past 3-4 years is starting to bare fruit. Liberty Village will see at least 3 new buildings complete in 2020 which should add about 1500 new units to the neighbourhood. Inevitably, some of these units will hit the market and may make things somewhat easier for people looking to buy a condo in Liberty Village. Time will tell.
Interested in seeing what’s for sale in Liberty Village? Check out our up-to-date current listings of Liberty Village condos for sale.
