Toronto
No Matching Areas Found

Blog

Top Selling Toronto Condo Buildings in 2017

Top Selling Toronto Condo Buildings in 2017

The sale of condos continues to drive the Toronto housing market. In January, roughly 40% of all condos sold at or above asking price, which is a clear sign that the year is off to a competitive start. In 2017, we saw record-breaking sale prices and frenzied activity, but where were people actually buying condos? What neighbourhoods and what actual buildings saw the most action? To help answer those questions, we’ve compiled a list of which condo buildings had the most sales in 2017.

Here are the Top 10 Toronto Condo Buildings with the Most Sales in 2017*

3. Parade II CityPlace sold 118 units

4. King West Condos at Liberty Village sold 102 units

5. Aura at College Park sold 91 units

6. Quartz Spectra sold 91 units

7. One Bloor sold 90 units

8. NXT II sold 87 units

9. NXT I sold 85 units

10. Ocean Club Waterfront Condominiums sold 83 units

Top sales does not equal top demand

While this list shows which condo buildings sold the most units in 2017, it does not reveal a true sense of buyer demand in Toronto. One of the reasons these condo buildings sold the most units is because they all have 400+ units to buy and sell. Just by sheer size, they were able to sell a lot of units.

Ice Condos I & II , for instance, has 1343 condo units. Having sold 183 units last year, that's roughly one condo sale every two days. Across Toronto, there are smaller, boutique condo buildings that may experience strong demand from buyers, but they have only 10-20 units to buy and sell total. Those buildings would never make it onto this list, even though they may have high demand and high sales in proportion to their size.

That being said, it’s not a clear cause and effect between having a lot of units and experiencing a lot of sales. King West Condos at Liberty Village has 1195 total units, which is 64 more units than Discovery I & II. However, Discovery I & II sold 50 more units last year.

Why?

Toronto condos are selling well along the transit lines

There is a correlation between the top selling condo buildings and their locations along or nearby Toronto’s main transportation routes. Even Discovery I & II, which may seem like the outlier on this map, is nestled in a transportation hub between the GO Train, Highway 401, and the TTC Sheppard Line.

Condo living goes hand in hand with accessible urban transit, and we expect that relationship to strengthen as Toronto expands its urban transit services. Toronto condos for sale along the Vaughan Metropolitan TTC extension will be interesting to watch this year for rising values.

Toronto condos are selling a modern lifestyle

Comparing the condo amenities across the top ten top selling condo buildings in Toronto, we see a similarity in the lifestyle they offer. All ten of these buildings offer a combination of, if not all of, the following amenities: gym/exercise room, swimming pool, concierge, and visitor parking, not to mention a host of other amenities that border on luxury.

The top selling condo buildings are providing an urban lifestyle of convenience and luxury and Torontonians are liking it. This is not high-class luxury, such as some of the real ritzy condo buildings with valets and hotel-style amenities, but this is a modern urban lifestyle in which people want exciting features and services and they want them close to home. As we noted in our Toronto condo maintenance fee study 2017 , larger condo buildings such as the ones featured in this list often have lower maintenance fees per unit, making them more attractive for those who want the extra amenities.

The average Toronto condo maintenance fees in 2017 were $0.65/sqft. The ten condo buildings in our Top Selling list have maintenance fees ranging from $0.50 - $0.66/sqft. These average to low maintenance fees are a likely contributor to the building's sales volume.

Are the top selling Toronto condos of 2017 driven by speculation?

As we mentioned above, these top selling condos have a benefit because the buildings have 400+ units and therefore a large volume of sales can be transacted. The sheer size of the buildings might be skewing this image of buyer demand for condos in Toronto . Adding to that, we don’t know the exact circumstances of each sale in these buildings. A report from the Globe and Mail last May about condo investor flipping showed how a single building had been bought and sold to enormous profits for investors.

Looking at the top selling condo buildings for 2017, one has to wonder how much of this sale activity was driven by speculation and savvy investors. Maybe these buildings recorded the most sales simply because they have a high turnover rate, owners are selling more often than other buildings. Or is it because of their location and amenities? Will the trends we’ve seen of transit accessibility and lifestyle convenience continue to define top selling condos in 2018?

Let us know what you think.

*Data sourced as of January 23, 2018