The Toronto real estate board released its sale figure for the month of November. When these numbers get reported in the media they usually key in on certain data points. The report says that 14.7 per cent homes were sold when you compare November 2018 to November 2017. But if they are not as many homes available on the market wouldn’t you expect that number to decrease?
The report says that the average selling price was up by 3.5 per cent year-over-year to $788,345. But that data includes different regions of Toronto and it also includes all housing types. The downtown Toronto market is still experiencing strong demand when you compare it to parts of Markham where homes are sitting on the market on average of 30 days When you dive deeper into the stats you can see that condos in an area like Markham stayed on the market for 33 days while the W02 sales area in Toronto that contains the Foundry Loft building the average days on market for condos was only 9 days.
In November the building recorded three sales and it was unique in that three different layouts sold in the month. The single floor layout 2 bedroom condo final price now seems to be firmly above the $600,000. When compared to other 2 bedrooms units in the city that seems accurate when you add the parking spot.
The building’s most popular layout the two bedroom loft design now has crossed over the $800,000 final sale price when you look at the last few sales in the building. If you thinking of selling your Foundry Loft unit please discuss with us some factors that could add over thousands of dollars to your pocket by the end of the transaction.
The buildings large multi-level units also sold in November with a sale price solidly over $1 million dollars. If you see data regarding how quick the unit sold please note the unit was listed, de-listed and then put back on the market so its sale was recorded as being on the market for only two days. There are various reasons why this could have been recorded in this manner but it does distort the days on market sales data.
We have included the TREB condo report data below.