Hi Folks,
I am getting a lot of questions about the state of the Liberty Village condo market so I thought I would share some numbers and respond to the mixed news being offered by the media in relation to Toronto’s condo market.
I have always said that you can’t paint Toronto’s real estate market with one brush – it hasn’t seemed truer in recent months. There’s no question that general market conditions have changed since the peak in March and some adjustment is necessary. Some pockets of Toronto have seen a notable slowdown in activity since April, particularly the freehold housing sector outside of the core. Still, it might be sometime before we see the record pricing being paid in Liberty Village as we did in March/April – anyone recall that 1+1 I sold for $922/sqft? 
The Toronto Real Estate Board’s midmonth numbers for July show sales down 39.3% year over year in the first half of July. With sales down and new listings slightly up {6.5%) the market was better supplied compared to last year. This gave us a more moderate 7.4% annual growth rate for the average selling price, which is $776,036 for the City of Toronto.
Despite the recent dip in GTA home sales the condo market is continuing to move. First time buyers who want to live in the city have turned their attention to entry-level condos (as they often have). The average selling price for condos increased 28.1% compared to 2016. The average price for a condo in the City of Toronto is $566,513, compared to $442,834 in 2016.
What’s keeping Liberty Village’s condo prices buoyant is the extremely tight rental market. Liberty Village condo rentals are scarce and prices are high. If you have managed to save a downpayment then it simply may be easier to buy a condo vs rent one in the neighbourhood.
Liberty Village condos ‘By The Numbers’ (last 30 days)”
- 17 condo sales
- average numbers of days on market (excluding re-lists) 16
- average list price: $467,594
- average sale price: $471,065
Thinking of selling your Liberty Village condo this fall? Get exceptional results with Liberty Village’s #1 selling real estate agent, Michael Camber. Want to get an idea of what your Liberty Village condo is worth? Click the link and fill out the easy form.
Looking to make Liberty Village your home? Click the link of Liberty Village’s very latest condo listings.
Michael Camber, Salesperson with Royal LePage Signature. Liberty Village’s #1 selling Realtor (2015-2017)
