North York Condo Market Report - May 2021

North York Condo Market Report - May 2021

North York Condo Market Report - May 2021

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The average price of condos across North York declined by 4% in May, demands for smaller units are still solid.

Sheppard Finch Subway Line

The average price for units at 500-599sqf (with one garage) continues to climb, up 4% from last month and slightly higher than March 2020, right before the pandemic first lockdown. The supply is very tight; the current month of inventory is about 0.3. Almost every unit coming out of the market will be sold within 15 days. For the larger condo unit, it is a different story. Between 800-899sqf, The excess supply starting from May put downward pressure on the price. The average price dropped by 1% and is likely to be lower in the following months. With the new mortgage stress test rule effective on June 1st, buyers will qualify less on the mortgage to purchase a home. The reduced buyer's affordability could impact the larger condo market more than smaller units in the coming months.

Bayview Leslie Line

While the demand is robust, the average price for units at 600-699sqf (with one garage) is lower by 2% from last month but still higher than March 2020. The supply is very tight; the current month of inventory is about 0.5. Almost every unit coming out of the market will be sold within 11 days. For the larger condo unit, it is a more balanced market. For units between 900-999sqf, there were ten new listings, but only three were sold last month.

Donmill Subway Line

After a brief decline, the average price of small units (500-699sqf) continues to climb and over the peak of March 2020. In mid-May, the lower-level south-facing 500-square-foot apartment (with parking space) at 50 Forest Manor sold for 626,000 (1059/sf). The current rent for a one-bedroom apartment in the surrounding area is around $1700, and the rental return rate is 2.2%.

If you plan to move to North York or you want to learn more about real estate investment opportunities in North York, please contact Toronto real estate agent Realtor Alan Zheng at 647-877-9311.