Few sales professionals can claim they’ve done something, anything, successfully 1,000 times in their career. But for RE/MAX Condos Plus Realtor Ania Baska, that’s the number of luxury condominiums in West Toronto’s Waterfront area she has sold over the course of her 17-year career.
Although the luxury condo market has slowed a bit during the summer months, Ania is looking forward to this November, typically the busiest time of year for her. The Institute for Luxury Home Marketing was happy to get her views and update on the unique West Toronto Waterfront condo market:
What’s the typical starting price of luxury condominiums in your market?
AB – The entry point for luxury condominiums in the West Toronto Waterfront area is $700,000. There are typically three parameters that impact the price of condos here: Does the unit face the water? What’s the size of the unit? Is the building new or a resale?
What will $700,000 buy you?
AB – It would depend on whether the building is new or resale, but typically for that price you would get two bedrooms and approximately 1,100 square feet. The average price per square foot is $600 to $700 for newer luxury condo buildings.
How different is your market from last year at this time?
AB – This summer slowed a bit. We’re down about 5 percent in terms of prices and maybe 10 percent for sales.
However, May was a good month and fairly busy. I was fortunate enough to sell the most expensive condo in the Luxurious Palace Pier area for $1.288 million, which was nearly 3,300 square feet.
November is typically one of our busiest months so we’ll definitely see things picking up in the coming weeks. Overall it was a quiet summer with some movement with high-end properties.
What noteworthy changes are you seeing in the market?
AB – Parts of Toronto are growing very fast. About 10 minutes outside of downtown Toronto, there are about 2,000 new condos under development, many resales and high numbers of buyers. People consider condos to be good investments.
How are you adapting your business to the market conditions and opportunities?
AB – We’ve scaled back a bit. One full-time assistant went back to school and I will rehire another when the market picks back up.
What do you see ahead short- and long-term for your market?
AB – Overall, the condo market is solid. People understand that the Toronto luxury condo market is a stable investment and I think they will continue to feel that way for many years.
Here is some additional analysis from RBC on the broader Toronto condo market for the first half of 2012.
Stay tuned. Next we'll be getting an update on the Boston luxury market from Sven Andersen.