Bay/Yonge Condo PricingNovember 4, 2015 | Selling
The Bay & Yonge Condo corridors have been performing consistently well since Labour Day this year. In some previous years, you can feel the peak in July and August as people move into the area for the start of the school year, but as far as the trend for 2015, the desire for condo units has maintained throughout the fall.
As you’ll see below, the average price per square foot from September 1st, 2015 until November 1st, 2015 is doing well at $764/sq.ft. Of course, the amount varies from building to building, with Aura and College Park leading the neighbourhood with the highest prices, however, activity in Lumiere and Burano continues as well.
The reason I’ve chosen to exclude 388 Yonge Street, which is the upper executive suite portion of Aura Condos from these averages, is that they represent a different sort of caliber of units. Generally speaking, the tower units of Aura are similar in size and demand to those at College Park, Lumiere & Burano, so this helps keep the average amounts realistically in line with one another.
One other item to note: Burano happened to see a coincidental flurry of 2nd floor level condo lofts for sale, all within this two-month period. The second floor of Burano happens to be the “historic” loft section of the building where units are designed with the look and feel of a hard loft – industrial window panes, high ceilings, open concept layouts etc. With there only being about a dozen units existing on the second floor, to see four different units come on the market and sell within September and October is very exceptional. And although unique, these units are on a lower floor level, which keeps the price per square foot lower than other units in the building on higher floors.
My suspicion is that we’ll see a cooling in the condo market once December hits, but like clockwork each year, the middle of January will see indications of the start of the early spring market with things ramping up in February, March and April.