Yorkville Real Estate Update

YORKVILLE REAL ESTATE UPDATE
March 2015

Cliche yes, but still an important and critical factor - our weather. The February that just passed was a historically cold and harsh month and unfortunately these temperatures of -30 and -40 tend to postpone the decision making process of many potential buyers throughout the city. Although transaction volumes were down a mere 1.3% from last month, volume is down considerably from the annual average. As we progress into the spring market, these volumes will continue to grow. The question remains will demand outweigh the supply as there is very little inventory on the market these days. 

But just because volumes are down, doesn't mean prices are suffering. Although less people are buying in the snowy months, those that do buy are paying a premium to live in Toronto's most desired neighbourhood. The average price of a Yorkville condo rose last month to $1,119,993 - representing a 1% gain in prices. Two bedroom suites continue to be the most popular purchases accounting for almost 49% of all transactions. Oddly enough, there were no recorded sales for three bedroom suites. This can be attributed to two factors - 1) there are not many three bedroom opportunities in the area and 2) these suites are often owned by owner occupiers and therefore the turnover is far less.

If you have any questions about Yorkville or the real estate market, pelase don't hesitate to reach out. We'd be happy to answer any questions you or your family may have. Please contact Matt Smith at matt@thesmithestate.com.