It’s been quite the year for the Toronto condo market! As 2009 rolled in many believed it would be one of the worst years ever. Thankfully, Canadian banks and their stringent lending practices as well as mortgage rates at historic lows helped to curve the widespread results seen in the US. The GTA market as a whole picked up near the start of the second quarter and preformed much better than expected right until year end!
The Bloor Yorkville neighbourhood was no exception to the ups and downs faced throughout 2009. Condo sales in January and February started off very slow with only 9 and 12 units selling in their respective months. By March sales picked up stayed strong until July where the numbers took a small dip. The upward trend continued from September to November with the average sale price also moving upward. Low supply and high demand resulted in condos selling for 101% (on average) in October!
Analyzing the area from number alone proves rather tricky. In the heart of Yorkville, it’s very common to see units selling from $500,000 to over $3 million. Yet buying just outside of the Yorkville core, offered units for as low as $250,000. For 2009 $575,000 summed up the average price of a unit in the area.
2010 should be an equally exciting year with many preconstruction condos nearing completion and occupancy starting soon. X, Casa, and Bloor Street Neighbourhood condos will be just a few of the buildings adding to the inventory of mid-priced units. Bazis’ Crystal Blu is also slated for completion mid way through the year. The condo will be the first condo completed in Canada by Bazis International of Kazakhstan, and many are excited to see how it turns out. As all these new residents move in to the area, it’ll be interesting to see how business change and adapt to the new market!
The big launch on everyone’s list is Great Gulf Homes; Number One Bloor! Since taking over the popular Yonge and Bloor corner, not much has been released about the project. As soon as details are officially launched, you can count on BloorCondos.com for all info related to the popular condo.
Every month we’ll be crunching the numbers and watching the trends in resales. We’ll also be spotlighting a few new projects launching in the area as well as giving updates on the current ones under construction!
