2 Month Review: 2014 Condos Selling Like Hotcakes

The last 8 weeks have been a gentle reminder that the Toronto Condominium market is on fire.  RealNet recorded one of the best January’s on record with 1,154 sales and investor demand has been very strong for the Downtown Core projects that have already come to market in 2014.

There have been four strong condominium launches already this year and all of them have been very well received with high demand, quick fire sales and the return of the condo line ups with investors vying for the best suites and prices.

It’s fun to look at the numbers, but we think it’s even more fun to look at what’s actually happening in the trenches.

The four major projects that have hit the market so far have been: Core Condos, YC Condos, 1 Yorkville Condos and Dundas Square Gardens.

Core Condominiums launched on January 3rd and was 100% sold out within 3 weeks.  CentreCourt have built a reputation for offering excellent locations at excellent prices and Core Condos was no different.

YC Condominiums was a project that had a huge backlog of interest since Canderel purchased the site almost 2 years ago, and as predicted commanded enormous demand that resulted in buyers lining up overnight in -15 degrees for an opportunity to purchase.

YC Condominiums offered AAA location (at the corner of Yonge & College), one of Toronto’s best developers (Canderel) and an amazing offering that features one of the best amenity spaces in all of Toronto.

More recently, Dundas Square Gardens hit the market offering a very strong price point and a unique location with excellent proximity to Ryerson University (the building is practically ON campus).

The project has been very well received with buyers clamoring for access to suites over the past weekend.

Buyers and Agents Clamoring for Suites at Dundas Square Gardens (Image Courtesy of Jolly Deol at Step2 Real Estate)

On February 25th, 1 Yorkville launched to platinum brokers and the project has seen incredible demand with many unit types very difficult to secure.

(At this point, we would like to shamelessly congratulate all of our buyers who have been able to secure suites at these incredible projects)

So what’s driving it all?

We have spoken at length about how we felt 2013 was a transition year for the pre-construction condominiums in Toronto with less focus on new launches and more focus on selling remaining inventory.  As a result, we have seen pent up demand from both investors AND developers who are itching to bring their sites to market.

Earlier this year we took a look at the most anticipated launches of the year and stated that there was a lot of projects in very very prime locations with excellent access to the Yonge transit line.

And if one thing has become painfully clear, it’s that anytime we can we get a project that offers an Excellent Location, Excellent Developer and Excellent Value, then investors will turn up in droves.

There is an increasing confidence in Toronto as a City and belief that with some investments into the infrastructure (namely the Transit system) that Toronto will continue to grow to compete with the biggest Cities in the World.

We’re very excited to see what developers have in store for 2014, and if if the first 8 weeks are any indication – we could be in for a record year.

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