Liberty Village is a neighbourhood in Toronto, Ontario, Canada. It is bounded at the north by King Street West, the west by Dufferin Street, the south by the Gardiner Expressway, the east by Strachan Avenue, and the northeast by the CP railway tracks.
Liberty Village has experienced phenomenal growth since 2004 and has become one of Toronto’s most desirable condominium communities for young professionals looking for cutting edge architecture and affordable pricing close to the central core.
Once mainly vacant land and mixed-use industrial commercial real estate, the neighborhood has seen massive gentrification and condo, loft and townhome development. Liberty Village condos initially were the best option for most first time buyers and young professionals downtown; however, Liberty Village has now solidified itself as one of the most desirable condo markets downtown. The area boasts some of the city’s best loft conversions, townhomes and condos as well as many trendy shops, art galleries, cafés, markets, and restaurants.
When we take a look at the Liberty Village condominium market (excluding Townhouses), at the end of October 2012 we can see that the number of sales in all condominium categories have decreased year over year by a whopping 42.4%. What was the most popular type units in 2011, sales of 1 bedroom and 1 bedroom + den units, saw decreases in the number of sale by approximately 52% and 46% in 2012, however their average price has increased by 2.18% and 4.65%. Overall, Liberty Village prices for all condominium unit types have increased on average by 3% year over year.
If we look deeper in terms of price per square footage, whether it be a 1 bedroom or 1 bedroom + den type condominium unit, the chart below shows the average price for each unit type over a 10 month period. As we can see 1 bedroom units with a size of 600-699 sq. ft. reached its peak price in May but has been on the downward trend ever since, with it’s lowest price point in September, and a slight uptick in October.
1 bedroom + Den type units have seen the same over-all downward trend, however prices have fluctuated more over the past 10 months, with no sales in the month of June. Since the month of July, we have seen a double month decline in average price, mainly due to the new mortgage rules by the federal government, where most buyers were taking a wait and see attitude and listings stayed on the market longer, depressing prices further. However, from September to October period we have seen the same slight uplift in average sale price as 1 bedroom units of the same size.
Taking a look at the first half of November, 67 condominium unit listings were active for the Liberty Village area, with 1 bedroom units continuing it’s upwards trend from October with listings going for an average of $344,533 and increase by 10%. Active listings for 1 bedroom + den however have decreased to an average price of $347,520 or a decrease by 5%. But please note, November figures are from active listings are are not the final sale price. Price may fluctuate until the property has sold firm.
Contact Nicholas Chan for more information about real estate in the Liberty Village area, to know the current value of the property you have or are interested in.