Admittedly, we have a lot of catching up to do (sorry, we have been so busy getting Liberty Village condos sold!). The last market update we gave you was back in April 2020 and a lot has changed. Back in April we talked about the 30 condos available for sale in Liberty Village. Today, there are 91.
There are 3 times more condos available in Liberty Village today than there were back in April 2020.
We are seeing an increase in available condo listings for sale that we haven’t experienced since the last new wave of condo completions in the area – back in 2013-2015.
Now that we have an idea of what the current inventory is looking like, let’s take a look at the July stats.
There were 36 condo sales in Liberty Village in July 2020. In comparison, there were also 36 condo sales in Liberty Village in July 2019. Pretty even I would say:) The main difference we started noticing was the available listings hitting MLS. For example, there were 40 condos listed in Liberty Village in July 2019. In July 2020 there were 94 condos listed on MLS. That’s a significant increase in new inventory.
Let’s take a look at the year-over-year prices to see how this might be affecting values.
What did the average sale price look like for Liberty Village condos in July 2020 vs 2019?
The average sale price in July 2020 was $706,897, that’s a 6% increase compared to the average sale price of $667,680 in July 2019! So we can see that prices are still up from a year ago. Let’s put that in to context for a sec. If we look back pre-Covid to February 2020 vs 2019, prices that month were up over 17% year-over-year. While still a respectable y/o/y increase, July’s average sale price pales in comparison to the y/o/y increase we say back in February.
The August stats will be ready soon so we will be following up soon with an update. Anecdotally, I can tell you that inventory continues to increase both in Liberty Village and other condo communities in Toronto. Will that eventually have an impact on local condo prices? This remains to be determined.
Interested in some of our VIP Top-Shelf Liberty Village condos for sale? Have a look at these:
Interested in other Liberty Village condos for sale? Check out our condo page.