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You could argue that all condos in Toronto are experiencing an extremely high level of demand these days, but there are some buildings across the city that take the cake, so to say. We collected data on the average days on market (D.O.M.) for all condos in downtown Toronto, and it revealed some of the most sought-after buildings in the city. You have to move pretty fast if you want to catch a chance to buy a condo in one of these buildings, but there are some people primed and ready to purchase when the time comes.
The average days on market for a condo building is an estimation of how long units in a building will sit with a “For Sale” sign before being sold. The D.O.M. can be a useful gauge of the level of demand for a specific building or even a neighbourhood. If you find a unit in a building you like, taking a look at the D.O.M. of the most recent sale will give you an idea of how quickly you need to act if you really hope to make the place yours.
On a larger scale, you can look at the average market absorption rates for a whole price group, let’s say condos for sale at $500,000 – $1M, which our market report shows an absorption rate of 37 days. What does that mean? Well, on it’s own it’s kind of a bland piece of information, but if you combine it with the absorption rates for other price groups, such as 122 days for condos for sale at $1.5M+, you will clearly see where the market demand is focused. This is probably more applicable to real estate investors rather than hopeful home buyers, but watching the change in market absorption rates as you consider when and where to buy is a smart way to catch a great deal.
Looking back at the average D.O.M. for individual buildings, we can see that Toronto buyers (or a specific fast-acting group of them) are looking for smaller, boutique, lofts and condos in the $500,000 – $900,000 range. Save for one of these top 5 most in-demand condo buildings, all of them have below average maintenance fees, which we explained was $0.65/sqft in our 2017 maintenance fee report.
Three-floor townhouses in the Annex
Built in 1992
Only 35 units available
$0.6/sqft maintenance fee
Last sale: June 2017, 2-bed, 3 bath, 1 parking spot, sold for $750,000
21 storey building in King West
Built in 2006
281 units available
$0.58/sqft maintenance fee
Last sale: November 2017, 1 bed, 1 bath, 1 parking sold for $535,000
4 storey loft building in Queen West
Built in 2003
98 units available
$0.63/sqft maintenance fee
Last sale: December 2017, 1 bed, 1 bath, 1 parking, sold for $660,000
5 storey loft building in King West
Built in 2000
76 units available
$0.77/sqft maintenance fee
Last sale: November 2017, 1+1 bed, 2 bath, 1 parking, sold for $709,000
13 storey mid-rise in the Distillery District
Built in 2000
181 units available
$0.61/sqft maintenance fee
Last sale: January 2018, 2 bed, 2 bath, 1 parking, sold for $842,500