Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

Woohoo the spring market is heating up! The media headlines are all positive news that the Toronto-area and GTA real estate market is showing signs of a spring rebound and the recent strength in price marks the start of a new upward trend. Even if the volume of transactions remains relatively low in the Toronto area, demand is building. The right properties in desirable neighbourhoods are attracting multiple offers, while still allowing room for negotiation. The market's going to do a bit better than most people are expecting. All those waiting for a slow down, you might be waiting for awhile!


Recent changes to mortgage regulations are fueling demand for lower-priced homes while shrinking the pool of qualified buyers for higher-priced homes and that finds the $700,000 to $1.S million price range extremely competitive. Last week the number of freehold properties sold was up 54% from the week before and again Riverdale and Leslieville are the hot spots with 83% of properties selling above the asking price. There is no slowdown to neighbourhoods in the west end such as Wallace Emerson and Dufferin Grove where 75% of the sales happened in multiple offers. Sales remained strong in the central core which saw 47 properties sell in the $1,500,000 to $3,000,000 up by 70%, a huge jump from last week.


The downtown condo market is still insane. It seems downtown condos offer a lifestyle that buyers want. They want to be within walking distance to work or a short transit ride, and they're still willing to pay top dollar. Multiple offers and over-asking prices are the norm, but supply is an issue for condos. Last week we saw 175 condos sold, up 25% from the week before and of those sold 51% sold over the asking price. The number of new listings was slightly down by 13%.

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Friday the 13th is generally believed to be a bad luck day. With a potential ice storm this weekend it might be bad luck. Old man winter just won't go away. When are we going to put away our coats and let the sunshine warm our bodies?
Well, as with any spring market the tide is turning slowly on the inventory problems. Market watchers are seeing signs, that sales in the GTA are starting to take off after a year of volatility. Freehold listings increased to 243 units in the core, nearly 128% higher than the previous week while condo listings increased by 353 units (or an 85% increase) over the same period.


We can hear home buyers breathe a sigh of relief as listings spiked as soon as the Easter holiday weekend wrapped up. Unfortunately, the number of freehold properties that sold was down by 33% week over week. It could be that offer night for all the new listings take place a week later. Bidding wars are still erupting, and buyers are once again flinging around jaw-dropping amounts above asking prices. It's not uncommon to see a property sell for $300,000 over the asking price and in the east end (E01) that is a common occurrence.


The condo market last week saw a huge influx of new listings but the number of sold units was down 22% from the previous week. Finding a condo to rent in Toronto made headline news this week. The average monthly rent surged 10.7% in the first quarter from a year earlier to $2,206. Part of the reason is simple supply and demand or the fact that to buy an average priced ($590,000) resale condo in Toronto, you have to make an average annual income of $100,000, up from $77,000 a year earlier.

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This property has SOLD at 369 Willard AVE in Toronto.
Gorgeous Family Home W/All The Charm And Character You'd Expect From Prime Bloor West Village, Hardwood Floors Throughout, Wainscoting, Plate Rails, Fireplace And Etched Stain Glass. 4 Bedrooms, 2 Full Baths, 2 Sun Rooms, Finished Basement W/Separate Entrance & A Garage Too! Enjoy This Lovely Home The Way It Is, Or Modernize To Suit. Open House Sat & Sun 2-4Pm
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Please visit my Open House at 369 Willard AVE in Toronto.
OPEN HOUSE: Saturday & Sunday, 2-4
Gorgeous Family Home W/All The Charm And Character You'd Expect From Prime Bloor West Village, Hardwood Floors Throughout, Wainscoting, Plate Rails, Fireplace And Etched Stain Glass. 4 Bedrooms, 2 Full Baths, 2 Sun Rooms, Finished Basement W/Separate Entrance & A Garage Too! Enjoy This Lovely Home The Way It Is, Or Modernize To Suit. Open House Sat & Sun 2-4Pm
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Please visit my Open House at 369 Willard AVE in Toronto.
Open House on Saturday, April 7, 2018 2:00PM - 4:00PM
Gorgeous Family Home W/All The Charm And Character You'd Expect From Prime Bloor West Village, Hardwood Floors Throughout, Wainscoting, Plate Rails, Fireplace And Etched Stain Glass. 4 Bedrooms, 2 Full Baths, 2 Sun Rooms, Finished Basement W/Separate Entrance & A Garage Too! Enjoy This Lovely Home The Way It Is, Or Modernize To Suit. Open House Sat & Sun 2-4Pm
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Please visit my Open House at 369 Willard AVE in Toronto.
Open House on Sunday, April 8, 2018 2:00PM - 4:00PM
Gorgeous Family Home W/All The Charm And Character You'd Expect From Prime Bloor West Village, Hardwood Floors Throughout, Wainscoting, Plate Rails, Fireplace And Etched Stain Glass. 4 Bedrooms, 2 Full Baths, 2 Sun Rooms, Finished Basement W/Separate Entrance & A Garage Too! Enjoy This Lovely Home The Way It Is, Or Modernize To Suit. Open House Sat & Sun 2-4Pm
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New featured property at 369 Willard AVE in Toronto.
Gorgeous Family Home W/All The Charm And Character You'd Expect From Prime Bloor West Village, Hardwood Floors Throughout, Wainscoting, Plate Rails, Fireplace And Etched Stain Glass. 4 Bedrooms, 2 Full Baths, 2 Sun Rooms, Finished Basement W/Separate Entrance & A Garage Too! Enjoy This Lovely Home The Way It Is, Or Modernize To Suit. Open House Sat & Sun 2-4Pm
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Good bye March. Welcome warm weather, spring flowers, sunshine and more listings! The March real estate stats were released this week and when we add in the GTA figures it sounds like the real estate market is crashing. Not so.


AVERAGE SALE PRICE FOR TORONTO (2018): JANUARY - $766,616  |  FEBRUARY - $806,494  |  MARCH - $817,642


With three consecutive months of increase, house prices in the Toronto area continue to show signs of stabilizing, fueling predictions the city will continue to see stronger growth in the second half of 2018. The new mortgage qualifications rules do not appear to have had a major impact on the average monthly prices in the first three months this year. Toronto has seen a dramatic drop (down 34%) in the number of sales from last year. Last year we had less than a month of inventory versus this year with inventory ranging between two and three months.


Last week was a short week with Good Friday and Easter, therefore the number of new freehold listings was substantially down 49% compared to the week before. That being said, the number of sales were up 20% and of those sold, 75% sold over the asking price.


It was a similar market in the resale condo sector. Listings were down 33% from the week before but sales were slightly up by 10%, and 55% sold over asking.


AVERAGE CONDO PRICE FOR TORONTO (2018): JANUARY - $543,279  |  FEBRUARY - $570,275  |  MARCH - $590,184


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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Ready, set, go! Spring has sprung. This weekend approaching is Easter, and millions of people will delve into delicious chocolate eggs, head to church, participate in egg hunts and be thankful for the arrival of spring. Agents are all gearing up to see what happens next week. The holidays will all be over and with warmer weather and sunny days, hopefully the tides will turn on the inventory problems and the spring market will be underway!


The freehold market saw a whopping 120% increase in new listings last week throughout all neighbourhoods in Toronto. Again, it's the price range between $700,000 and $1,500,000 that dominates, although there were 17 new listings in the central core that were listed over $3 million. The number of sold properties was up by 20% week over week and of those properties sold, 43% sold over the asking price. The east end of Toronto E0l, E02, and E03 has had the most sales. E0l has consistently been leading in all neighbourhood this year with 107% list to sell ratio.


A similar market exists in the resale condominium sector. Listings were up last week by 20% and the biggest jump happened in the central core's first-time buyer's price range of condos listed between $400K and $700K. Sales were down by 18% last week, but its interesting to note that multiple offers are on the rise. Last week 46% of condos sold in multiple offers.

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This property has SOLD at 2708 100 Upper Madison AVE in Toronto.
Breathtaking, Sw View From This Rarely Available '08 Unit In The Elegant Madison Centre Residences. Expansive 1365 Sq Ft Has 2 Large Bdrms W/Desirable Split Floor Plan, 2 Bathrooms, An Abundance Of Closet Space & The Entire Unit Has Been Thoughtfully Renovated W/ Exquisite Taste. Many Building Amenities, Steps To Shops, Restaurants & Underground Subway Access To Re-Open Soon! Nothing To Do But Move In & Watch The Sunset From Your Beautiful Panoramic View.
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New featured property at 202 Heward AVE in Toronto.
Stunning, Wide & Detached 4 Unit Home On One Of The Best Streets In Leslieville W/ 2 Car Parking! Character Filled W/ Gorgeous Antique Rads & 2 Fireplaces (Not Operational), Lots Of Light, Shared Back Storage Shed & Lovely Maintained Gardens. Steps From Queen St E. & All Amenities It Provides. Units Have Been Tastefully Renovated & Many Upgrades Done To The House Over The Last 10 Years. Fabulous Tenants All Wish To Stay. Income & Expense Sheet & Available.
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New featured property at 2708 100 Upper Madison AVE in Toronto.
Breathtaking, Sw View From This Rarely Available '08 Unit In The Elegant Madison Centre Residences. Expansive 1365 Sq Ft Has 2 Large Bdrms W/Desirable Split Floor Plan, 2 Bathrooms, An Abundance Of Closet Space & The Entire Unit Has Been Thoughtfully Renovated W/ Exquisite Taste. Many Building Amenities, Steps To Shops, Restaurants & Underground Subway Access To Re-Open Soon! Nothing To Do But Move In & Watch The Sunset From Your Beautiful Panoramic View.
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"Home prices dip 12% as sales fall " Toronto Star - Wednesday March 7th, 2018


"Toronto housing prices edge up smartly in February" The Globe and Mail – Wednesday March 7th, 2018


Anyone reading the news will surely be confused by what the media has to say about the real estate market these days. So, what is really going on? The average price for a home in the City of Toronto is $806,494, climbing more than 5% from last month, as well as condo prices rising 5% to an average of $570,275. What the media doesn't tell you is the frenzy with bidding wars on both homes and condos. A property in midtown had 25 offers last week selling for $500,000 over the asking price. A condo downtown had 14 offers and sold for $105,000 over the asking. We cannot compare the market to last year's frenzy. Agents are busy, open houses are jammed and buyers are looking to buy. The supply is not there. As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up.


As the days are getting longer we begin to see more freehold listings come to market, up 30% from the prior week. The east end listings doubled from the week before and the frenzy of sold properties saw 77% of them sell over the asking. E0l was the hot spot. The west end was also busy with listings up 35% and of all the properties that sold 66% sold over asking.


The condo market is not showing any signs of slowing. Many condos are drawing multiple offers and it seems the new normal for condos is almost $1000 PSF. Overall listings were up 37% and the central core saw 235 new listings come to market. The sold numbers are steady week to week and of those condos sold 57% sold over asking.

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This property has SOLD at 81 Coleman AVE in Toronto.

Sweet sun soaked serenity - steps to the subway and the go train! This home has charm and character and is filled with love, from the little free library on the front lawn through to the certified "wildlife friendly habitat" back garden, you may never want to leave. 9 foot ceilings on the main floor emphasize the spaciousness of the rooms, hardwood flooring from top to bottom reflects the light and adds to the open and airy feeling of the house. Yet there are still some lovely little spaces to tuck up in, the heated and enclosed front porch, or the breakfast nook with wall to wall windows provide little sanctuaries - as if you would need them!

The second floor bathroom is sumptuous and spacious, with a glass shower, separate soaker tub, and double sinks....oh yes, and a heated floor! The bedrooms are large and designed with a wonderful, playful and inventive use of space.

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Should you list low and generate multiple offers, or should you list the property at what you think its worth? That seems to be a popular question in the office this week. There are many factors to take into consideration. The location, the condition of the property, and the price point. When you look at new listings coming out at least eight out of 10 properties have an offer date. What we are not seeing as much these days are bully offers. Buyers seem to be a bit cautious and would rather wait. After much discussion it comes down to the agent and the Seller making the decision.


There was a big sigh of relief as more listings came to market across the 416. The downtown core saw freehold listings jump by 60 percent compared to the week before and the $1.5M to $3M price range saw the biggest increase with 43 new listings. The east end continues to be a hot area with listings up 40 percent. Overall sold properties were slightly down by 10 percent from the prior week. The market for homes in central Toronto, especially for properties up to $1 million is still quite competitive. Of the homes sold, 55 percent sold over the asking price.


Condominiums have followed suit with a rise in listings by 17 percent from the previous week. Even though listings were up the number of sold condos was down by 10 percent across the city. Of those recorded sales, 44 percent sold at or over the list price. It seems buyers may have a different mindset this year, because sales are slower but values still remain lofty.a different mindset this year, because sales are slower but values still remain lofty.

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New featured property at 81 Coleman AVE in Toronto.

Sweet sun soaked serenity - steps to the subway and the go train! This home has charm and character and is filled with love, from the little free library on the front lawn through to the certified "wildlife friendly habitat" back garden, you may never want to leave. 9 foot ceilings on the main floor emphasize the spaciousness of the rooms, hardwood flooring from top to bottom reflects the light and adds to the open and airy feeling of the house. Yet there are still some lovely little spaces to tuck up in, the heated and enclosed front porch, or the breakfast nook with wall to wall windows provide little sanctuaries - as if you would need them!

The second floor bathroom is sumptuous and spacious, with a glass shower, separate soaker tub, and double sinks....oh yes, and a heated floor! The bedrooms are large and designed with a wonderful, playful and inventive use of space.

Read full post

 

At this point in the year we should be gearing up for the spring market, but we just aren't feeling it yet. The consensus is we are a month behind other years. Like most of this year we are struggling with low inventories, a situation that has many puzzled. The pent up demand is evident. Walk into any open house on the weekend and see if you can find empty space on the floor to leave your shoes. The overall number of sales is beginning to perk up, but the action is still far below where it was at this time last year.


The number of new listings continued to contract last week but that could be because of the family day holiday. 25 percent fewer listings week over week created increased competition with 35 percent more sold properties and of those, 60 percent sold over the asking price. The price range between $700K and $1.5K was the most active last week with 68 percent more properties sold and of those 63 percent sold over asking.


A similar market exists in the resale condo sector. Listings were off last week by 15 percent while sales were up 21 percent week over week. And of those sales 47 percent sold at or above the asking price. The condo market has been traditionally reserved for first time buyers, but as freehold home ownership becomes less affordable we expect even more activity in the condo market. 

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New featured property at 47 Wrenson RD in Toronto.
Across From Fairmount Park And Bowmore Public School, This Beautiful 3 Bdrm Home Has Been Fully Renovated. Perfect For Entertaining, The Open Concept Layout Is Filled With Natural Light, An Eat-In Chef's Kitchen With Picture Windows With Walk-Out To The South Facing Yard Creates A Tranquil Space Both Inside And Out, Plus Finished Basement With Separate Entrance.
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The media likes to sell sob-stories to survive. The TREB market report was released this week and the news release in the media was all doom and gloom. Well not so in the City of Toronto. The average selling price at the end of January was $766,616, up 5.5 percent from a year ago which was $727, 928. The number of new listings came in at 2,776 for the end of January slightly lower than a year ago at 2,886. But when you factor in the surrounding GTA it skews the City of Toronto stats. The annual rate of growth in the City of Toronto was driven by the condominium market sector, which has had double-digit annual growth.


The freehold market is starting to build up some steam. We have seen a 20 percent increase in listings with the central core leading the way and the number of sold properties was up 15 percent and of those 30 percent sold over the asking price. Buyers are circling and they are willing to move quickly when they see a property that ticks all the right boxes. There seems to be an exuberance in the office this week and no doubt that the market is starting to take off.

The resale condo market is exhibiting some "freehold like" qualities. This week there were 30 percent more new listings to hit the market from the previous week but the number of sold condos was down 10 percent. Urbanation, a company that tracks the condo market released their annual report this week and the average price per square foot for a new condo is $1,031 and $823 for a resale condo.  As many as 20,000 new units are expected to be delivered in 2018.

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