Yorkville Luxury Condo Sales Market Recap Report
2018 vs 2017
Yorkville Luxury Condo Sales Over $2 Million
Suites sales in the luxury segment of the Yorkville Condo Market were also brisk. Average days on market for a luxury condo unit was 27 days. This was 17 days faster than in 2017 when it took 44 days for a luxury suite to sell.
For the year 2018, there were 55 units sale having a sold price of $2 Million or greater. This sales volume is up 7.8% from 2017 when there were only 51 sales of luxury units in Yorkville.
However sold prices were down in 2018 for luxury units. The average sold price/sq ft for a Yorkville luxury condo is $1,303. This is down 4.5% from 2017 when it was $1,365/sf.
On average a Yorkville luxury condo now costs $2,972,909. This is down 10.8% from last year when it was $3,331,257.
Yorkville ULTRA LUXURY Condo Sales Over $5 Million
The reason for the decrease in sold prices as compared to 2017 may lie in examining the Ultra Luxury segment of the Yorkville Condo Market. In 2017, there were 6 suites that sold over the $5M mark. This included the most expensive condo sold on MLS for that year which was a luxury 2 storey penthouse that sold over $10M at the Florian Condos 88 Davenport Rd.
By comparison, in 2018 there were only 2 suite sales over $5 Million. The most expensive condo sold on MLS for the year took place at 1 St Thomas and sold for $5.29M.
The highest sold price per square foot paid by a buyer in 2018 was $2,026 at The Four Seasons Private Residences. For the previous year the highest sold price/sq ft paid was $1,932 at 175 Cumberland St.
What Lies Ahead For 2019
Overall the Yorkville condo market will continue to see modest gains in year over year appreciation. However suites over 1500 square feet will appreciate at a higher rate. There is less supply of larger units available for sale and also greater demand for these larger suites from the Baby Boomer age group wanting to move from their house to a condo.
Victoria Boscariol is a real estate agent in Toronto Canada with Chestnut Park Real Estate Limited Brokerage. With over 20 years experience, Victoria has been helping people successfully buy and sell condos and houses in Yorkville and downtown Toronto. As a Certified International Property Specialist (CIPS) she has worked with Buyers from around the world moving to Toronto from China, Russia, Brazil, India, South Africa, United Arab Emirates, Jordan, Cyprus, Italy, Germany, The United Kingdom, Australia and the United States.
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