Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

This property has SOLD at 294 Carlton ST in Toronto.
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking.
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As we approach the middle of August, the traffic around the city gets a little lighter and it seems like it’s your last chance to take a bit of a breather before we start to think about getting ready for the fall real estate market. There is much talk around the office about all the new listings that will be hitting MLS after Labour Day. Will it be a repeat of May when we saw an excess of listings come to market? Are buyers waiting patiently for the impending influx of new listings to satisfy their desire for a place to call home?

 

The freehold sector remained relatively unchanged from the previous week. Sales were steady but the amount of new listings has tapered off by 33 per cent. The $700k to $1.5m price range was the busiest sector and 43 per cent of the sales, sold over the asking price. The west end was the hot spot this week for buyers with more than half of the homes selling over asking.

 

The condo sector has eased off as well with slightly less new listings and 12 per cent less sales. The hot spot is the $400K to $700K price range in the central core and 18 percent of the sales, sold over asking. The big talk in the office this week was the rental market with condo rentals receiving as many as 16 offers! Trying to find a rental in Toronto is a lot like online dating. With students going back to school renting in Toronto is the hardest it’s ever been. With rents increasing on average 11% in the last year, the average one bedroom in Toronto is $2,089 a month.

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The dog days of August are upon us.  The weather is finally hot, hot, hot and sipping drinks on a patio is where we all want to be.  Listings are slowing down but last week sales were slightly up by 8%.   There was a significant increase in open house traffic last weekend and agents are seeing more appointments being booked on their listings.  Stories around the office of properties that had 9, 16 and 18 offers this week got everyone all talking.   Is pricing low to generate offers the way to go?


Some agents believe to list with an asking price close to market value and accept offers anytime and some believe to list low and set a date for offers.  The latter seems to be happening again.  It’s too soon to tell if a flurry of sales signals a trend that some buyers simply need to move on with their lives.


The July resale housing market figures were just released for the GTA, and results show we were down 40.4% in sales on a year-over-year basis and listings were up slightly (5%) above last year.  The average selling price for all home types combined was up by 5% from 2016 to $746,218.  Sumer market statistics are often not the best indicators of housing market conditions.  “Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve.”, said Mr. Syrianos, TREB president.

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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: August 5 & 6, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4.
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Please visit my Open House at 294 Carlton ST in Toronto.
Open House on Saturday, August 5, 2017 2:00PM - 4:00PM
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4.
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Please visit my Open House at 294 Carlton ST in Toronto.
Open House on Sunday, August 6, 2017 2:00PM - 4:00PM
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4.
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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: August 5 & 6, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4.
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Are we all tired of reading and listening to what the media has to say about the housing market in Toronto? There wasn't a week that went by that some so called expert didn't write their views about the market. For sure market conditions have changed and we are all adjusting, so why don't they give it a rest. The last major housing correction followed a global economic crisis in 2008. The conditions aren't there this time for a major market meltdown. The Toronto market still needs time to absorb how the buyers and sellers are going to react to the policy changes.

 

The Toronto Real Estate Board's midmonth numbers for July show sales down 39.3% year over year in the first half of July. With sales down and new listings slightly up {6.5%) the market was better supplied compared to last year. This gave us a more moderate 7.4% annual growth rate for the average selling price, which is $776,036 for the City of Toronto.

 

Despite the recent dip in GTA home sales the condo market is continuing to gain popularity with home buyers. First time buyers who want to live in the city have turned their attention in increasing numbers to less expensive forms of housing. The average selling price for condominium apartments increased 28.1% compared to 2016. The average price for a condo in the City of Toronto is $566,513, compared to $442,834 in 2016.

 

House prices go up, house prices go down. Whatever happens the rest of the year, Toronto housing is probably a safe bet. Toronto is a very attractive destination!

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This property has SOLD at 902 361 Front ST W in Toronto.
Efficient Layout With No Wasted Space & A Fabulous View Of The Cn Tower & Rogers Centre.. You Should See It Lit Up At Night! Floor To Ceiling Curved Window Walls Offer Wider-Angled Views & Incredible Light. Lush Landscaping & Over The Top Amenities, Make This Condo Very Desirable For Those Who Want To Be Walking Distance To All Toronto Has To Offer. Tenanted Until July 31 At $1800/Mo, But They'd Love To Stay For Another Year, Or Move Out For September 30th.
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The traffic has slowed down and you can tell most people have ventured out of town for their summer holidays. The weather has finally warmed up and everyone is taking advantage of the great outdoors. Open house attendance has dropped off and property showings have slowed down. In real estate language, we call this "The Summer Market".

 

It's easy to see the freehold sector easing into the summer market. Listings remained unchanged except for a slight increase in the 3 million plus range. There is still some good news. Homes selling in the $700 to $1.5m range, almost half of them sold over asking!

 

In the condo sector the number of new listings has not increased but a surprising number of condos (35) are available in the $300-400 range and more than 50% have sold over the asking price. Good news for the first time buyers with a small budget.

 

The Bank of Canada interest rate hike last week could prolong the slowdown of the Toronto housing market, but economist Benjamin Tal said it is not expected to last long term. "What led to the slowdown in Vancouver was really more domestic buyers waiting to see what the foreign buyers tax will do."

 

While Toronto could follow a similar path to the Vancouver market that saw a significant decline, there are other factors now at play, Tal said.

 

"We also see interest rates going up and the regulators are talking about introducing more measures to slow down the market" he said. "That's why it's possible the slowdown in Toronto will be more durable than the slowdown in Vancouver." 

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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: July 22 & 23, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4 Pm.
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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: July 15 & 16, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4 Pm.
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If you are working the downtown condo market or involved in the ridiculously heated rental market you might wonder what all the talk is about a declining real estate market.  However, if you are working the uptown detached market you might be trying to focus your inner Stuart Smalley by slowly repeating “I’m good enough, I’m smart enough and gosh darn it people want to buy my listings”. Buyers who are looking at the entry level market, which these days means small condos, are in tough and often competing for a space to call home.  The Buyers that had been chomping at the bit and competing for the large detached homes seem to have completely forgotten that they ever wanted to buy anything at all.


The freehold market has continued its slow march to the summer months with a decline in sales of nearly 45% to only 64 sales this past week compared to 113 the week before. And while we still here the odd story of multiple offers, the number of homes selling above their listed price has dropped to only 20%.  Listings last week increased substantially over the week before with an increase of almost 50%. Most of the increase in new listings came in the east and west areas while the central core remained fairly consistent over the previous week.


The condo market has also settled into the summer cycle with an increase in new listings and a decline in sales over the previous week. Maybe the most interesting aspect of the condo market is the difference between the entry level condo and the high end condo market. If you are looking to get into the starter market in condos be prepared for continued stiff competition.  More than 50% of the condos listed under $700,000 sold above their advertised price which is a trend we have been watching closely for several weeks.  It was reported that an aggressively priced condo in the central core recently garnered the attention of 40 offers.  Lucky for the 39 bidders that lost that there are a whole lot more condos coming to market this summer for them to bid on. Not so lucky perhaps are sellers of high end condos who have seen a marked decrease in sales activity.

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This property has SOLD at 214 2550 Bathurst ST in Toronto.
Beautiful And Quiet Upper Forest Hill Apartment, Fully Furnished , Renovated And Clean. Peaceful West View Overlooking The Trees, And At Almost 750 Square Feet, This Unit Is Perfect. Open Concept Living And Dining Rooms With Crown Moulding And Pot Lights, Renovated Gallery Kitchen With Granite Counters, Large Master Bedroom W/Walk-In Closet.
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New featured property at 294 Carlton ST in Toronto.
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4 Pm.
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New featured property at 214 2550 Bathurst ST in Toronto.
Beautiful And Quiet Upper Forest Hill Apartment, Fully Furnished , Renovated And Clean. Peaceful West View Overlooking The Trees, And At Almost 750 Square Feet, This Unit Is Perfect. Open Concept Living And Dining Rooms With Crown Moulding And Pot Lights, Renovated Gallery Kitchen With Granite Counters, Large Master Bedroom W/Walk-In Closet.
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Pride week in Toronto was a colourful success and Bosley's participation in Family Pride was a whole lot-of-fun! As we are coming up to the much anticipated "Canada 150" long weekend, this will be a weekend to participate in the festivities around town. With so many events happening in Toronto to celebrate Canada's big birthday it will be hard to narrow down which events to attend.  (Check them out here)


It's not unusual for listings to start tapering off before a long weekend. Last week new listings were down slightly by 9% for the freehold sector compared to the week before, but in the condo market, new listings were up a whopping 43%. Interestingly half of the freehold homes in the $700 to $1.5m range, sold over the asking! In the central core it seems that first time buyers are taking advantage of the $400 -$700 price range where more than 50% of the action was. As a TD economist pointed out, last month marked the first time since 2010 that growth in condo prices in Canada outpaced the rise in single-family home prices.


We have seen plenty of rain this summer, almost as much as we have listened to the media, which continues to report a cooling market, but there are great buys out there. The art of negotiating is upon us. We are seeing a shift in the market but the sky is not falling. Overall, prices are still up but expectations need to be managed.

How lucky are we to live in a country as cool as Canada! Happy Canada Day eh!

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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: July 1 & 2, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Offers Anytime. Open House Sat 27 & Sun 28, 2-4Pm.
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This property has SOLD at 29 217 St George ST in Toronto.
Two Level (Ground & Lower), Executive Town Home In The Annex Just Steps Away From St. George Subway. Master Br Has A Large Double Closet & Walk -Out To Private Patio. 2nd Br Is An Ideal Office Space, Study Or Nursery. Neutral Paint Throughout, & News Carpet On The Lower Level Make This Unit "Move-In" Ready. Quite East Side Of The Complex, Yet Walking Distance To U Of T Yorkville. Available August 1st, & Longer Lease Preferred.
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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: Sat & Sun, June 24 & 25, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Offers Anytime. Open House Sat 27 & Sun 28, 2-4Pm.
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