Luxury Properties Remain Stable Amidst Real Estate Market Decline in Toronto

    TORONTO, ON, June 24, 2017 /24-7PressRelease/ -- Although the GTA housing market continues to decline, luxury condos in the Yorkville area are not being significantly affected thanks to a limited supply, reports Hazelton Real Estate Brokerage.

Properties that have an aggressive asking price are sitting idle on the market from lack of attention from buyers. Other properties are being intentionally low priced, with the owners hoping for a multiple bid scenario. However, buyers burned by the bidding wars are now experiencing fatigue and are sitting out of the market all together. Many are waiting to see how the latest housing measures imposed by the Ontario government will affect the Toronto real estate market.

"In the past month, we have seen a shift in the overall market. There is a noticeable increase in the number of listings available, in almost all categories. The biggest surprise is that some of these are not seeing offers, or seeing offers well below the asking price. In some situations, the properties are being taken off the market and relisted at higher prices, with sellers still hoping to achieve a high price," said Janice Fox, Broker of Record for Hazelton. "Luxury condos in the Yorkville area however, is where we have seen the least difference in both number of units available, in prices, and in number of days on market."

According to Hazelton, the Yorkville housing market witnessed:

- The average sold price in April 2017, was $1,210,957, with 71 sales
- In May 2017, that figure fell to $1,189,898, with 56 sales

Compared with the rest of Toronto, which experienced a price decline from about 6.5% with the average sale price going from $920,791 in April 2017 to $863,910 in May 2017. On the other hand, the Yorkville luxury property market only encountered a 1.7% decline in prices.

"The people looking to enter the luxury condo market are typically looking to downsize their homes and move into the central core of Toronto. There is little pressure for them to buy right away, and thus have a wait and see attitude. They don't mind settling into rentals to evaluate their options," says Fox.

Hazelton serves the luxury real estate market in Toronto, with an emphasis on the luxury Yorkville condo market. With years of experience in the luxury condo market, Hazelton proudly represents exciting new development projects and resale properties in the Yorkville area.

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