Downtown Toronto condos — C1 Waterfront
3126/ $788,000
We are now heading to the C1 Waterfront. This is without a doubt the area with the highest volume of condominiums in downtown Toronto. Here we had in 2021, obviously from January 1 to December 25. We had 3,126 transactions for the entire year. The average sale price for C1 Waterfront in 2021 is $788,000. The reason Waterfront is so large is because there are obviously a lot of condos in that area. You have City Square, the fashion district, part of the entertainment district, part of the financial district and Queen’s Quay. When we talk about downtown Toronto, it’s exactly what most people imagine.
It’s interesting to note that when we had the buyer’s market, when we had the downturn in the condominium market in Toronto, particularly with respect to the condominiums in downtown Toronto, that community is the hardest hit. When we were faced with the buyer’s market scenario last November and December, that community was the most affected. The average land price dropped, and time on market increased and inventory increased, both for rental and for purchase properties. And in some ways, investors lost money and sold out of fear of the upcoming global event. And again, I’m talking about November and December 2020 through 2021.
Interestingly enough, even though this area was hit the hardest by the downturn in the condo market, this is the area that showed the first signs of recovery in downtown Toronto, when the condo market started to recover. Condominium market and where many units were in demand and the Toronto condo market rose well. This area was the C1 Waterfront.
On both sides of the spectrum, during a market recovery and a market downturn, the C1 Waterfront is usually the first place to be hit in downtown Toronto. With an average sale price of $788,000, many wonder why this value is so much lower than the other locations we’ve discussed in this article. This is because of the huge amount of inventory available. The inventory is so large that it is very difficult for the average sales price to compete with Trinity Bellwoods, where there are mostly lofts and two-story homes.
There are a lot of studios here, a lot of older one-bedroom apartments, older two-bedroom apartments or newer, more modern two-bedroom apartments. They are more in the middle category. Therefore, due to the large amount of inventory available in the middle and lower price ranges, whether older or less desirable, the average sale price will not always be the highest when we look at prices in certain neighborhoods.
C1 Waterfront will never show the highest average sales prices or median sales prices due to the wide variety of inventory available and the number of units in the middle and lower segments. You will find that the most expensive and least expensive condo sales at both ends of the spectrum will likely always occur at C1 Waterfront. C1 Waterfront may not always have the cheapest condos, but you will definitely find the most expensive ones in C1. But that’s not necessarily reflected in the average sale price, especially for a 3100 transaction.
Cielo Condos (Learn more: https://condotrend.com/cielo-condos/)
Cielo Condos is a 249-unit, 29-storey condominium development by renowned developer Collecdev and Northrop Development Incorporated that is currently in pre-construction and will be one of the most significant landmarks in downtown Toronto. Cielo Condos has a near-perfect transit score, which is extremely important for those living in downtown Toronto, and residents of Cielo Condos are just a few minutes’ walk from bus stops, tram stops, subway stations and more, which will save you valuable time compared to driving. In addition, Cielo Condos has excellent educational resources close by, with the University of Toronto and the George Brown Casa Loma Grand Chateau campuses within walking distance. There are also convenient amenities, cafes, restaurants, bars, entertainment venues, boutiques, all of which are arguably the most upscale in Toronto. Cielo Condos are some of the best condos in Canada and have been selling like hotcakes since the development opened. There are only a few units left, so interested buyers should hurry.
Click here to know more: The Sales and Prices of Ten Specific Neighborhoods of The Downtown Toronto Condos of 2021