Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

Ah September. Just as we predicted, and the fall real estate market is off! The floodgates are open and new listings are finally coming to market. The question again is do you list low and create a bidding war or list at where you think it will sell? If you ask the agents you will get mixed reviews. But if you look at the statistics the way to go is to list low. A property in the west end that was listed for $899,000 sold in 2 days. They had over 80 booked showings and generated 4 bully offers and sold for $1,410,000! Was it priced too low? We say yes. So now that

house has set a precedent for pricing. It is encouraging to see a continued resurgence in the demand for ownership housing.

 

New listings in the freehold sector were up last week 15% from the week before, but the sold listings were up by an astonishing 127%. These were all the properties that had come on the market right after Labour Day. Supply and demand economics propelled 59% of sales sold at or above the list price. Not surprising, homes priced in the $700K to $1.SM range were in demand the most with 46 out of 69 homes selling over the asking price.

 

The condominium market performed similarly to the freehold market last week with only a 3% increase in new listings, to 275 units throughout the core. Sales improved by 73% from the previous week, and the activity continues to be strong with 55% of condos selling at or above the list price, and the majority of those sold were under $700,000.

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This property has SOLD 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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No question this has been a hot, hot summer and some long periods of drought. The Toronto real estate market is also suffering through a long period of listing drought. "The annual rate of sales growth out-paced the annual rate of new listings. We only have slightly more than two-and-a-half months of inventory in the TREB market as a whole, and less than two months of inventory in the City of Toronto. This means that despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from lack of inventory. This could present a problem if demand continues to accelerate over the next year, which is expected. Jason Mercer- Director of market analysis TREB.

 

The good news out today from TREB were the monthly resale housing figures for August. In the GTA there were 6,839 sales reported in August- an 8.5% increase compared to August 2017. The average sale price for the City of Toronto was $785,223 - up by 8.4% from August 2017. Sales of detached homes in particular, continued to show signs of improvement after a week start to the year with a 12.3% jump in sales in the City of Toronto, to an average price of $1.244,275. The tight market conditions contributed to a strong August. The gains are a sign that buyers who were waiting on the sidelines have renewed their search for buying a home.

 

The condominium market which has been the region's strongest sector over the past months also rose 6.4% to an average price of $585,355 for the City of Toronto, but sales were down by 5.6%. After three months of continued growth the Toronto real estate market is signalling that that it's coming back to life after a weak first half of the year.

 

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This property has SOLD at 214 2550 Bathurst ST in Toronto.
Beautiful & Quiet Upper Forest Hill Apartment, Furnished, Renovated & Clean. Peaceful West View Overlooking The Trees, And At Almost 750 Square Feet, This Unit Is Perfect. Open Concept Living/Dining Rooms With Crown Moulding/Pot Lights, Renovated Galley Kitchen/Granite Counters, & A Large Master Bedroom. Unfurnished Is A Possibility Too.
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For most people the New Year starts January 1st, but for some others, teachers and realtors included, the day after Labour Day everything starts new on that day. We are heading to the start of the fall market and there seems to be quite a buzz about all the new listings ready to hit the market. Houses for sale in prime Toronto neighbourhoods are scarce these days. After a quick uptick in listings and activity the market has backed off to traditional summer levels. Agents are telling their sellers to wait until after the labour day weekend to list.

 

While price growth has been mostly evident in the city of Toronto so far this year, other regions still have a long way to recover from 2017.  (See link attachment.) As the summer winds down, we have nothing to complain about. It was one of the hottest we have experienced in some time.

 

In the freehold market we saw a slight dip of 22% in new listings week over week, while sales continued to hold steady. Low inventory levels are driving up prices and producing multiple offers in nearly 48% of home transactions last week. The condo market was the reverse with new listings holding steady but a 36% drop in sold units. Sales at or above the list price are currently at 36%, which is a solid indicator that the condo market is still trading well.

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New featured property at 214 2550 Bathurst ST in Toronto.
Beautiful & Quiet Upper Forest Hill Apartment, Furnished, Renovated & Clean. Peaceful West View Overlooking The Trees, And At Almost 750 Square Feet, This Unit Is Perfect. Open Concept Living/Dining Rooms With Crown Moulding/Pot Lights, Renovated Galley Kitchen/Granite Counters, & A Large Master Bedroom. Unfurnished Is A Possibility Too.
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So, the battle is over and the Toronto Real Estate Board's request to appeal a dispute with the Competition Bureau has been declined by the Supreme Court of Canada. TREB has maintained that releasing the previous sold prices violates client privacy and its own copyright over the information. TREB will have 60 days to conform. TREB believes personal information of home buyers and sellers must continue to be safely used and disclosed in a manner that respects privacy interests and will be studying the required next steps. "By removing TREB's anti­competitive restrictions, home buyers and sellers in the GTA will now have greater access to information and innovative real estate services when making one of the most significant financial decisions of their lives." Commissioner Matthew Boswell

 

The Toronto real estate market is a little sleepy these days. With only two weekends left before its back to school, buyers are taking a time-out to enjoy what's left of summer. Agents say many homeowners are gearing up to list in September. Lots of potential sellers were discouraged from listing in the spring as buyers struggled with tighter mortgage rules and rising interest rates.

 

Last week in the freehold sector the number of new listings saw no change from the previous week, but there was a 33% increase in sold properties, and of those 41% sold at or above the asking price.

 

The resale condo market sector is following the same trends. New listings were the same as the previous week, but sales have climbed by nearly 45% and the number of condos sold at or above asking was still at still at a healthy 41%.

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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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