Much was said and predicted about what 2013 would look like for Toronto’s condo market. Towards the end of 2012 and beginning of 2013 most of the tone was quite negative.
All one has to do is Google ” january 2013 condo predictions toronto” to see what the headlines were saying:
“Toronto Condo Market Crash A Real Possibility: New York Times”
“Five reasons not to buy a Toronto condo – The Globe and Mail”
These were two of a long list of alarming articles that predicted the demise of Toronto’s condo market in 2013. So the question remains, were they right? Did the condo market in Toronto sink like a torpedoed ship?
More importantly, how did Liberty Village’s condos do? Were sellers able to sell? Were there buyers buying Liberty Village condos?
Let’s have a look at some numbers:
Between January 1st 2013 and today (Dec 17th, 2013) approximately 316 condos were sold. 316 sellers sold and 316 buyers bought. How many sold in 2012 you ask? 225. Granted there were a few more buildings to choose from in 2013 than 2012 but that still represents a healthy gain in a year that was supposed to see a condo collapse.
A couple of other stats for you: condos up for sale spent an average of 27 days on the market and sold for 98% of the asking price. Pretty healthy indeed.
When we look ahead to 2014, what are the experts predicting for 2014? Well, it’s looking pretty rosy depending on who you ask:
Canadian house prices set to keep climbing: CREA
Toronto housing prices to double over next 25 years, study predicts
How many buyers and sellers did Heikki Walden and Michael Camber work with in Liberty Village? Close to 10% of those 316 sales. Thanks in large part to our enormous marketing reach with Liberty Village Toronto . Email us to get started when it’s time to get that condo sold.
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Unfortunately the “98% of asking price” is complete smoke and mirrors that I’ve seen used many times. A more useful stat would be what was the percentage of ORIGINAL asking price? If a real estate agent convinces a client to drop their price by $50K and it sells at that new lower rate, this stat would make it seem like it sold for 100%. Completely misleading …