With Massive Sales Sucess at Wellesley on the Park, and Yonge and College Condos the Toronto Downtown Real Estate Market is Back!

If you were hoping to purchase a downtown condo in Toronto in the near future you are in luck. There has been a flury of new development releases this year in comparison to the same time period last year, when condo sales were in a funk and developers were holding back product. Now the condo market looks to be in comeback mode and new condo releases have been testament to this new fact. 

Wellesley on the Park is currently in pre-sales and the word is that sales have gone very well before the official launch which is expected sometime later this month, or next. And that follows the blowout  success of the Yonge and College Condo which actually was 85% sold within the first week.

Those looking to own their own home face a far more difficult scenario, as the detached market moves further and further out of reach for prospective Toronto homebuyers with prices now over 1 million dollars plus for homes in the downtown core. Condos remain an affordable option with prices starting from the mid-$350 000’s and even less depending on where you are looking to purchase, and what kind of unit you desire to own.  Average listing prices for new condos in the Toronto area are now in the 350-400k market for new units in good buildings in desirable parts of town.

People tend to look at the track record of the developer in unloading new units to determine the sales success of the building. How fast, how many and for how much do the units go for? Before the massive recession of 2008-2009 when developers had to deal with higher interest rates this curtailed the ability to charge very high prices due to high interest rates, then when the market crisis forced rates downward, it made condo units more affordable, and prices went up as did the sales of Toronto condos. Now after three years of year over year sales improvement the condo market came back to earth in 2013, but look set to rebound for 2014.