Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

Cell 416-888-9842 | info@corinnemccabe.com

The dog days of August are upon us, but great news for the Toronto Real Estate market. The average sale price for the City of Toronto in July was $824,336, up 8% compared to July of last year which was $759,441. The positive results over the last two months are very encouraging. Toronto's housing market seems to be stabilizing from the federal government's tighter mortgage rules that came into effect in January. The scarcity of listings helps to keep prices firm. Buyers who were cautious are feeling a little more confident the market does not have further to fall. With all this encouraging good news it looks like we could be trending toward positive territory for the second half of 2018!

 

The freehold market recorded a 29% uptick in new listings last week. Most of the new listing activity was recorded in the central core, with 16 new listings priced above $3M and as high as $39M. Sales however took a tumble last week with 30% less sales then the week before. Clearly, people were thinking more about enjoying a cold beverage by the lake with the long weekend approaching, than buying a house. But having said that 53% of all homes sold, occurred at or above the asking price.

 

Condo market buyers and sellers expressed a similar sentiment. This seems in line with historical trends as we are now in the summer month of August. New listings were up 36% from a week earlier and the majority of the new listings were in the $400K to $700K price range once again. Though sales were down by 28%, overall sales activity remains brisk with 51% of condos selling at or above the asking price.

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This property has SOLD at 2 10 Sylvan AVE in Toronto.
Be The First To Live On The 2nd Floor Of This Completely Renovated, Stunning 4 Unit Home Built In 1888 & Backing Onto Dufferin Grove Park. This Gorgeous 2 Bedroom Unit Has Been Meticulously Designed W/Discerning Quality & Taste. Features Include Stained Glass, Hardwood Floors, Granite Counters, Under-Mount Kitchen Lighting, Large Walk-In Shower W/Rain Head & Frosted Glass Window, & Fabulous Balcony Off The Kitchen. Future Landscaping Will Be Equally Stunning.
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New featured property at Unit 1 10 Sylvan AVE in Toronto.
Be The First To Live On The Main Floor Of This Completely, Renovated, Stunning 4 Unit Home Built In 1888 & Backing Onto Dufferin Grove Park. This Gorgeous 2 Bedroom Unit Has Been Meticulously Designed W/Discerning Quality & Taste. Features Include 10" Ceilings, Stained Glass, Hardwood Floors, Granite Counters, Reclaimed Wood Panelling, A Fabulous Balcony Off The Kitchen & A Terrace Off The Back Too! Future Landscaping Will Be Equally Stunning, Plans Attached
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New featured property at Bsmt 10 Sylvan AVE in Toronto.
Be The First To Live On The Lower Floor Of This Completely Renovated, Stunning 4 Unit Home Built In 1888 & Backing Onto Dufferin Grove Park. This Gorgeous 2 Bedroom Unit Has Been Meticulously Designed W/Discerning Quality & Taste. Features Include 8' Ceilings, Large Windows, Quartz Counters, Stainless Steel Appls., A Large Bathroom W/Claw Foot Tub, & A Bbq Terrace In The Backyard For Your Use! Future Landscaping Will Be Equally Stunning. Plans Attached.
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June is the first month since the pre-fevered market that we are now seeing signs of a new normal real estate market! For the first time in a year we are seeing the average sale price for The City of Toronto exceed last year's prices. In June the average sale price came in at $870,559 a 5% increase compared to the $829,479 average sale price last year. Supply and demand will continue to play significant roles going forward. It is troubling to see that the number of new listings coming to market is still down. In June Toronto saw 5,243 new listings compared to 6,295 last year. That's a 16% decline. June's results are encouraging; however, declining new inventory is a concern headed to the second half of 2018.


It's easy to see the freehold sector shifting into summer mode. Listings were up slightly over the previous week with the east end up by 33%, but sales were dramatically down with 50% fewer sales last week in all areas of the city. The biggest decline was in the east end where properties in the $700-$1.5m saw a 65% decline in sales from the week before. Chances are buyers are sitting on a dock somewhere up north, but we still recorded 56% of homes traded at or above the list price.


Condo market buyers and sellers expressed a similar sentiment. Listings were up by 44% while sales backed off 36% from the previous week. The condo market is still filling in the gaps left by the housing market as 45% of all sold condos happened at or above the list price. A new interest hike of .25 basis points was announced this week by the Bank of Canada. The rate hike is in reaction to a healthy Canadian economy. The overall impact of the rate hike will be modest for consumers.

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This property has SOLD at 3 10 Sylvan AVE in Toronto.
Be The First To Live On The Top Floor Of This Completely Renovated, Stunning 4 Unit Home Built In 1888 & Backing Onto Dufferin Grove Park. This Gorgeous 2 Bedroom Unit Has Been Meticulously Designed W/Discerning Quality & Taste. Features Include Vaulted Ceilings, Hardwood Floors, Granite Counters, Under-Mount Kitchen Lighting & An Abundance Of Storage. Large Window & Skylights Flood The Space With Light. Future Landscaping Will Be Equally Stunning.
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New featured property at 2 10 Sylvan AVE in Toronto.
Be The First To Live On The 2nd Floor Of This Completely Renovated, Stunning 4 Unit Home Built In 1888 & Backing Onto Dufferin Grove Park. This Gorgeous 2 Bedroom Unit Has Been Meticulously Designed W/Discerning Quality & Taste. Features Include Stained Glass, Hardwood Floors, Granite Counters, Under-Mount Kitchen Lighting, Large Walk-In Shower W/Rain Head & Frosted Glass Window, & Fabulous Balcony Off The Kitchen. Future Landscaping Will Be Equally Stunning.
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This property has SOLD at 24 North Edgely AVE in Toronto.
Bedrooms, 2 Bathrooms & Gorgeous Open Concept Kitchen, Dining & Living Area - Perfect For Entertaining. Nanny Suite In The Basement W/Shared Laundry, Large 1 1/2 Car Garage W/Power At The Rear & A Separate Private Drive For 2 More Cars At The Front! Huge, Private & Fully Fenced Backyard W/A Garden Shed On A 40 X 140' Lot. Open House Sat/Sun 2-4Pm
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New featured property at 3 10 Sylvan AVE in Toronto.
Be The First To Live On The Top Floor Of This Completely Renovated, Stunning 4 Unit Home Built In 1888 & Backing Onto Dufferin Grove Park. This Gorgeous 2 Bedroom Unit Has Been Meticulously Designed W/Discerning Quality & Taste. Features Include Vaulted Ceilings, Hardwood Floors, Granite Counters, Under-Mount Kitchen Lighting & An Abundance Of Storage. Large Window & Skylights Flood The Space With Light. Future Landscaping Will Be Equally Stunning.
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0, Canada: Canada Day- Summer may officially start June 21, but for many, Canada's birthday heralds the official kickoff of summer. For parents it means no more early morning rush to get the kids packed up for school and traffic around the city gets a little lighter. As we cruise into the hot summer months we have the opportunity to take a bit of a breather from our fast-paced lives, take a trip out of town, or enjoy time sitting by the dock or under your favorite patio umbrella ... unless you are trying to buy a house, in which case all bets are off.


After a flurry of listing activity in the last two weeks, listings tapered off last week by 7% and sales were also down by 5%. It's not unusual to see this happening a week before a long weekend. The high-end price range of $3M plus saw 23 new listings come to market last week. Competition for homes is still strong with 53% selling at or above the asking price. We believe that buyers are still very active in the market place but are taking a but more time to make a decision.

Last week in the condo sector there were 10% fewer listings on the market but we were excited to see a 15% increase in sales week over week. Of those recorded sales, 58% sold at or over the list price. Bigger suites in the downtown core,

particularly those in the $700k - $1.Sm range are receiving the most attention with over half selling above the list price.

 

"Great promise and responsibility await Canada. As we look ahead we will continue to rise to the most pressing challenges we face. We will meet these challenges the way we always have -with hard work, determination and hope.”

J.Trudeau

 

Happy Canada Day!

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This property has SOLD at 56 Pendrith ST in Toronto.
Location, Location, Location In Christie Pits! This Sweet Home Is Perfect For Young Buyers Starting Out. 2 Bedroom, 2 Baths In The Owner Suite W/A New Kitchen & New, Oversized Master Bath W/Laundry Hook-Up. A Separate Nanny Suite W/A 4 Piece Bath In The Basement Is A Great Extra, & It Has A Garage Off The Laneway!!! Quiet One Way , Tree Lined Street, Yet Steps To Ttc, Fiesta Farms, Schools, Loblaws & More.
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Please visit my Open House at 56 Pendrith ST in Toronto.
Open House on Sunday, June 17, 2018 2:00PM - 4:00PM
Location, Location, Location In Christie Pits! This Sweet Home Is Perfect For Young Buyers Starting Out. 2 Bedroom, 2 Baths In The Owner Suite W/A New Kitchen & New, Oversized Master Bath W/Laundry Hook-Up. A Separate Nanny Suite W/A 4 Piece Bath In The Basement Is A Great Extra, & It Has A Garage Off The Laneway!!! Quiet One Way , Tree Lined Street, Yet Steps To Ttc, Fiesta Farms, Schools, Loblaws & More. Open House Sat & Sun 2-4.
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Hard to believe we are almost half way through 2018. If that thought is depressing just psych yourself up for the best is yet to come. Sunshine and heat waves are in our future for the next few months, but are there signs that Toronto's real estate market has backed off slightly from the frantic pace that was the Spring market? Inventory levels are becoming a concern, particularly in the City of Toronto. The number of new listings this year compared to last year is 25% less, and that represents a pattern that has been emerging. Declining inventory will lead to rising prices and active competition for good properties in desirable neighbourhoods. We know the market is different this year but as the old saying goes .... nothing is as constant as change.

 

Case in point, the number of new freehold listings was up by 10% but the number of sales last week were down by 16%. With more listings coming to market why are we not seeing the sales? Are we seeing buyer fatigue already? The price range of $700 to $1.SM is again the most popular price range. Of the 92 properties that sold in that price range, 65 of them sold at or above the asking price. That's 62%!

 

Similar to the freehold market, the number of new condo listings was up by 12% last week and the number of sales were down by 10%. The hottest price point last week was the $400K-$700K sector in the central core where 58% of the condos sold at or above the list price. This is a strong indicator that the condo market is extremely healthy.

 

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

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New featured property at 56 Pendrith ST in Toronto.
Location, Location, Location In Christie Pits! This Sweet Home Is Perfect For Young Buyers Starting Out. 2 Bedroom, 2 Baths In The Owner Suite W/A New Kitchen & New, Oversized Master Bath W/Laundry Hook-Up. A Separate Nanny Suite W/A 4 Piece Bath In The Basement Is A Great Extra, & It Has A Garage Off The Laneway!!! Quiet One Way , Tree Lined Street, Yet Steps To Ttc, Fiesta Farms, Schools, Loblaws & More. Open House Sat & Sun 2-4.
Read full post

Please visit my Open House at 56 Pendrith ST in Toronto.
Open House on Sunday, June 17, 2018 2:00PM - 4:00PM
Location, Location, Location In Christie Pits! This Sweet Home Is Perfect For Young Buyers Starting Out. 2 Bedroom, 2 Baths In The Owner Suite W/A New Kitchen & New, Oversized Master Bath W/Laundry Hook-Up. A Separate Nanny Suite W/A 4 Piece Bath In The Basement Is A Great Extra, & It Has A Garage Off The Laneway!!! Quiet One Way , Tree Lined Street, Yet Steps To Ttc, Fiesta Farms, Schools, Loblaws & More. Open House Sat & Sun 2-4.
Read full post

New featured property at 24 North Edgely AVE in Toronto.
Bedrooms, 2 Bathrooms & Gorgeous Open Concept Kitchen, Dining & Living Area - Perfect For Entertaining. Nanny Suite In The Basement W/Shared Laundry, Large 1 1/2 Car Garage W/Power At The Rear & A Separate Private Drive For 2 More Cars At The Front! Huge, Private & Fully Fenced Backyard W/A Garden Shed On A 40 X 140' Lot. Open House Sat/Sun 2-4Pm
Read full post

Please visit my Open House at 24 North Edgely AVE in Toronto.
OPEN HOUSE: Saturday & Sunday 2-4
Bedrooms, 2 Bathrooms & Gorgeous Open Concept Kitchen, Dining & Living Area - Perfect For Entertaining. Nanny Suite In The Basement W/Shared Laundry, Large 1 1/2 Car Garage W/Power At The Rear & A Separate Private Drive For 2 More Cars At The Front! Huge, Private & Fully Fenced Backyard W/A Garden Shed On A 40 X 140' Lot. Open House Sat/Sun 2-4Pm
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Please visit my Open House at 24 North Edgely AVE in Toronto.
Open House on Saturday, June 16, 2018 2:00PM - 4:00PM
Bedrooms, 2 Bathrooms & Gorgeous Open Concept Kitchen, Dining & Living Area - Perfect For Entertaining. Nanny Suite In The Basement W/Shared Laundry, Large 1 1/2 Car Garage W/Power At The Rear & A Separate Private Drive For 2 More Cars At The Front! Huge, Private & Fully Fenced Backyard W/A Garden Shed On A 40 X 140' Lot. Open House Sat/Sun 2-4Pm
Read full post

Please visit my Open House at 24 North Edgely AVE in Toronto.
Open House on Sunday, June 17, 2018 2:00PM - 4:00PM
Bedrooms, 2 Bathrooms & Gorgeous Open Concept Kitchen, Dining & Living Area - Perfect For Entertaining. Nanny Suite In The Basement W/Shared Laundry, Large 1 1/2 Car Garage W/Power At The Rear & A Separate Private Drive For 2 More Cars At The Front! Huge, Private & Fully Fenced Backyard W/A Garden Shed On A 40 X 140' Lot. Open House Sat/Sun 2-4Pm
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New featured property at 24 North Edgely AVE in Toronto.
This Stunning, Detached Bungalow Is Absolutely Lovely! Renovated W/True Pride Of Ownership. 3 Bedrooms, 2 Bathrooms & Gorgeous Open Concept Kitchen, Dining & Living Area - Perfect For Entertaining. Nanny Suite In The Basement W/Shared Laundry, Large 1 1/2 Car Garage W/Power At The Rear & A Separate Private Drive For 2 More Cars At The Front! Huge, Private & Fully Fenced Backyard W/A Garden Shed On A 40 X 140' Lot. Come To The Open House - Sat/Sun 2-4Pm.
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