Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

As we approach the May 2-4 long weekend, we are crossing our fingers and hoping to get some warm weather so we can start our outdoor activities. Patios sit empty as we wait for sunny days. Wondering if it will ever warm up? But, one thing is for sure the Toronto real estate market is heating up. The buzz around the office has been exciting with new listings and agents busy helping buyers get their dream home. It’s an interesting market happening out there these days. Properties that look compelling and well presented aren’t getting offers on offer night and others are selling with sky high results. It all comes down to strategic pricing. Price low and wait....or price at market value. That is the big question! 


After a flurry of listing activity two weeks in a row, listings were still up but only a slight 6% increase. The good news is that sales were up 34% week-over-week creating nothing short of a mini buying frenzy. In fact, 65% of all homes sold occurred at or above the asking price.  While this is not the highest percentage we have seen this year, the east end and west end of the city both displayed 77% of properties that sold, were sold in a bidding war.


The condo market had a great week with a 15% increase in new listings, and sales rose slightly by 2%. The number of transactions that took place at or above the list price was at a steady 51%, a slight drop from previous weeks.


A senior economist at RBC sees evidence that the GTA market is turning a corner. The sales rebound in April, plus the rise in benchmark prices for a second month, suggest that the market is recovering from a dismal February/March which were hammered by winter storms.

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The Toronto real estate market is here with a bang! It looks like after two years of weak conditions the market is making a comeback. Though it’s off the dizzying heights of 2017, we are seeing a significant ramp up of new listings and of course the corresponding increase in sales. On a seasonally adjusted basis, sales were up 10 per cent in April and the average sale price for a home in the City of Toronto is $903,992. Inventory levels are still low which means that even those homes that otherwise would be “locationally challenged” are selling quickly.


The freehold market continued to see increases in inventory for the second straight week up 22%, spread out across all parts of the city. The number of sold properties was up a staggering 31% week-over-week, and a strong 70 per cent sold at or above the list price. This is all good news and likely represents some catchup from a slow start to the year. The high-end market is moving at a slower pace. Currently in the central core there are 334 properties listed above $3 million dollars.


The condominium market in the Toronto core continues to shine. While there was only a 9% increase in new listings last week, sales increased by a whooping 44% and of those, 53% sold above the asking price. The average condo price for the City of Toronto is now at $637,181 up 6% from a year ago. Tight market conditions in the condo rental market remain in place. Average year-to-date rents for a one-bedroom apartment were up 7.3% to $2,150 and a two-bedroom apartment up 4.1% to $2,815.

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Ok mother nature why are you playing games with us? It says May on the calendar but feels more like March. What gives? Rain, strong winds and cold weather is messing with our business. As we transition from this dreary weather to sunshine and cherry blossoms, the Toronto real estate market remains fickle. It’s hard to predict which properties will be snapped up and which will languish. What we may be seeing is a move towards more realistic pricing and less of setting a low asking price and letting the market show us the true value. All the more reason to make sure you hire a Realtor that knows how to properly price and market a property.


The freehold market recorded a solid 54% increase in new listings last week. It is normal at this time of year to see an increase in listings as the Spring market hits its stride. The increase is widespread across the entire core of the city but most prevalent in the $800K-$1.5M price range. In the exact opposite trend, the number of sold properties dropped 17% last week but a strong 61% sold at or above the list price. The slow down of listings means that desirable properties often end up with multiple bids.


On the condo side we saw a steady flow of new listings up 16% week-over-week. Sales followed suit to the freehold market with a 13% drop in the number of sold units, but of those 54% sold at or above the asking price. New construction condo projects are not selling as quickly as they once did so now buyers are being enticed with all sorts of incentives such as reduced down payments or several months of free condo fees. In the past we saw lineups of eager would-be buyers but now the developers are reaching deep into their bag of tricks as they face new challenges in the world of condo presales.


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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You may have read media reports on a call to ban bully (pre-emptive) offers, which means eliminating offers that result in homes being sold ahead of the time and date specified on the listing. These bidding wars seem to be common in Toronto and other competitive urban markets where inventory is tight. In some neighbourhoods it feels like the days of 2016. We understand it might not seem fair to some, but it would be a tricky area for the government to attempt to legislate, because it could be a conflict situation with seller clients. If you conduct a bully presentation properly by informing everyone who has seen the property, or has booked an appointment, then what is unfair about that? The problem is many buyer agents don’t have the experience or knowledge on how to submit a bully offer, therefore their buyers lose out on a hot property. More training is required to help agents navigate thru this situation and if we don’t see more listings come to market, bully offers will continue to occur.


The freehold market saw another week of increases with 16% more new listings come to market and that reflected in the number of freehold properties sold, up by 34% from last week. Competition was strong with nearly 55% of properties selling above the asking price in the central core with multiple offers and the east end of the city (Riverdale and Leslieville) saw 76% of properties selling above the asking price. It’s not uncommon to see a property sell for $300,000 over the list price in these neighbourhoods.


The condo market saw a huge influx of new listings up 37% from the previous week but the number of sold units was down 17%. Urbanation released their condo market outlook report recently and here are some key facts:


1) 147,000 condos sold in the past 3 years.

2) Condo prices up 50% in 3 years.

3) Average downtown price >$1,000 PSF.

4) 123,000 new condos in development.

5) $100,000+ Income to buy average unit.


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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Please visit my Open House at 326 1720 Eglinton AVE E in Toronto.
OPEN HOUSE: Saturday & Sunday 2-4pm
This Stunning Family Sized 2 Bdrm, 2 Bath + Den Is Perfect & The Den Is Big Enough For A Nursery Or 3rd Bdrm. North Facing Overlooking The Trees & Courtyard & A Lovely Open Balcony To Enjoy It. This Building Is Family Friendly, Pet Friendly & Recently Designated As Smoke Free. Ttc Is Right At The Corner, W/The Future Lrt's Sloane Stop. Resort-Like Amenities; 24 Hr Concierge, Outdoor Pool W/Lifeguard At Peak Hrs, Gym, Whirlpool, Tennis Court, Saunas & More!
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New featured property at 326 1720 Eglinton AVE E in Toronto.
This Stunning Family Sized 2 Bdrm, 2 Bath + Den Is Perfect & The Den Is Big Enough For A Nursery Or 3rd Bdrm. North Facing Overlooking The Trees & Courtyard & A Lovely Open Balcony To Enjoy It. This Building Is Family Friendly, Pet Friendly & Recently Designated As Smoke Free. Ttc Is Right At The Corner, W/The Future Lrt's Sloane Stop. Resort-Like Amenities; 24 Hr Concierge, Outdoor Pool W/Lifeguard At Peak Hrs, Gym, Whirlpool, Tennis Court, Saunas & More!
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Please visit my Open House at 326 1720 Eglinton AVE E in Toronto.
Open House on Saturday, April 13, 2019 2:00 PM - 4:00 PM
This Stunning Family Sized 2 Bdrm, 2 Bath + Den Is Perfect & The Den Is Big Enough For A Nursery Or 3rd Bdrm. North Facing Overlooking The Trees & Courtyard & A Lovely Open Balcony To Enjoy It. This Building Is Family Friendly, Pet Friendly & Recently Designated As Smoke Free. Ttc Is Right At The Corner, W/The Future Lrt's Sloane Stop. Resort-Like Amenities; 24 Hr Concierge, Outdoor Pool W/Lifeguard At Peak Hrs, Gym, Whirlpool, Tennis Court, Saunas & More!
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Please visit my Open House at 326 1720 Eglinton AVE E in Toronto.
Open House on Sunday, April 14, 2019 2:00 PM - 4:00 PM
This Stunning Family Sized 2 Bdrm, 2 Bath + Den Is Perfect & The Den Is Big Enough For A Nursery Or 3rd Bdrm. North Facing Overlooking The Trees & Courtyard & A Lovely Open Balcony To Enjoy It. This Building Is Family Friendly, Pet Friendly & Recently Designated As Smoke Free. Ttc Is Right At The Corner, W/The Future Lrt's Sloane Stop. Resort-Like Amenities; 24 Hr Concierge, Outdoor Pool W/Lifeguard At Peak Hrs, Gym, Whirlpool, Tennis Court, Saunas & More!
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This property has SOLD at 333 Cedarvale AVE in Toronto.
You'll Fall In Bunga-Love! This One Is A Real Catch. Impeccably Updated 3+1 Bedroom Detached On An Oversized 25X163 Lot In Old East York Is As Good In Real Life As It Is On Paper! Open Concept Living And Dining Rooms, Eat-In Kitchen With Walkout To Large Deck And Fabulous Backyard Featuring Fruit Trees, Vegetable Garden, And A Huge She Shed/Man Cave. Spacious Finished Lower Level Has Tons Of Storage, Separate Entrance, And Is Soundproofed Between Floors. Opportunity For Nanny/Teen Suite. Quick Walk To Stan Wadlow Park And Ttc. So Many Options For This Great Property! This One Ticks All The Boxes, Come And Put A Ring On It Before Someone Else Snatches Up This Gem.
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Bye, bye March! Welcome sunshine, warm weather, spring flowers and more listings! The March real estate update was released this week and housing sales suggests signs of some stability in Toronto’s market. The market is NOT posting declines in prices and the gains are modest. In fact, the average sale price for the City of Toronto is $830,043, up 1.5% from March of last year. We also saw new listings up 2% to 4,527 year-over-year, but the number of sales were down 9%. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has receded. This means that in many neighbourhoods we continue to see fierce competition between buyers for available listings and plenty of bidding wars.


The freehold sector witnessed its biggest increase in sold properties last week up 69% across the downtown core. There is still a bit of catching up to do on the listings side with only a 21% increase week-over-week. It is still interesting to note that the number of homes sold at or above the list price has remained consistent at a staggering 65%.


In the market report the average condo came in at $603,969 up 2.3% compared to March of last year. Last week we saw a 12% drop in new listings in the downtown core, but sales saw a significant increase, up nearly 31% over the previous week and of those sold, 45% sold above the list price.


The rental market report was also released this week and the GTA reported 6,646 condo apartment rental transactions in the first quarter of 2019. The average one-bedroom condo apartment saw a 7.4% increase to $2,143 a month and the average two-bedroom saw a 6% increase to $2,811 a month.

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New featured property at 333 Cedarvale AVE in Toronto.
You'll Fall In Bunga-Love! This One Is A Real Catch. Impeccably Updated 3+1 Bedroom Detached On An Oversized 25X163 Lot In Old East York Is As Good In Real Life As It Is On Paper! Open Concept Living And Dining Rooms, Eat-In Kitchen With Walkout To Large Deck And Fabulous Backyard Featuring Fruit Trees, Vegetable Garden, And A Huge She Shed/Man Cave. Spacious Finished Lower Level Has Tons Of Storage, Separate Entrance, And Is Soundproofed Between Floors. Opportunity For Nanny/Teen Suite. Quick Walk To Stan Wadlow Park And Ttc. So Many Options For This Great Property! This One Ticks All The Boxes, Come And Put A Ring On It Before Someone Else Snatches Up This Gem.
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This property has SOLD at 2324 Danforth AVE in Toronto.
Bright & Clean Retail Space On The Danforth Perfect For Professionals. Currently A Travel Agency & Suited Towards A Professional Office, Real Estate, Law Or Accounting Firm. Ceramic Tile Floor Throughout The Main Space, Almost 900 Sq. Ft. Total Including A Wheelchair Accessible Washroom, Kitchenette & Separate Coffee Station. Full Partially Finished Basement For Storage, Shared Back Patio, One Parking Space Available At 2404 Danforth In Vincenzo's Parking Lot
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Now that March is almost over and we seem to be easing into some warmer weather, it appears that Toronto’s real estate market has a bit more “spring” in its step. The Globe reported this week that Toronto has 104 construction cranes, the most tower cranes of any North American city. The next closest city was Seattle with 59 cranes. A tally of cranes in major cities provides a snapshot of economic sentiment. Based on this consulting firm’s findings, no North American city is healthier than Toronto. Just simply look up!


The freehold sector has witnessed its biggest increase of the year with listings up a whopping 117% throughout all neighbourhoods in Toronto. We aren’t surprised that would happen now that we are all back from spring break. Again, it’s the price range between $700,000 and $1,500,000 that dominates, although last week there were over 80 properties listed above $1.5M. There is still a bit of catching up to do on the sales side, however. Sold properties were down 14% week-over-week, but that should change next week now that we have more listings.


Again, a similar market exists in the resale condominium sector. Listings were up last week by 18% and the biggest jump happened in the central core’s first-time buyer’s price range of condos listed between $400K and $700K. Sales have been trending upwards as well, and we are still reporting close to 52% of condo transactions selling at or above the list price which points to continued strength in the high-rise market.

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MARKET UPDATE FOR THE WEEK ENDING MARCH 22ND, 2019

Is buying a home a dream for first time buyers? In the new budget out this week the centrepiece of Ottawa’s housing plan is to help first time buyers with their new zero-interest loans on the following terms:


  • CMHC will offer mortgage loans up to 10% of the purchase price of newly built homes and 5% of the value for existing homes. This incentive is in addition to the buyer’s own down payment. Your household income must be $120,000 or less. The overall value of the mortgage and CMHC loan won’t be allowed to exceed four times the household income. With that cap of $480,000 ($120,000 X 4) the highest-value home that could be purchased under the plan would be about $500,000. (Not much help for buyers in Toronto with average prices for homes and condos exceeding that amount.)
  • Your household income must be $120,000 or less. 
  • The deadline to repay the loan wasn’t specified but it was designed to be a long-term measure. The loans will be available starting in September.
  • Also, first time buyers will now be permitted to borrow up to $35,000 from their RRSP’s, up from $25,000, the limit set 10 years ago. 

This program might be good for small cities across Canada, but from a market perspective it will not be a game changer for the housing market in the GTA. The freehold market continues to tighten with a further drop of 34% in available listings since the previous week because of the spring break. Given fewer listings, we weren’t surprised that the number of sales slipped by 24%. There is no surprise that of those properties sold, 45% sold at or above the asking price. The number of new condo listings saw no change from the previous week, but sales were up slightly by 3% and of those sold, 51% sold at or above the asking price. We are gearing up for what we believe to be an active spring market with plenty of qualified buyers waiting to find their dream home.

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Without question the weather Toronto has experienced so far this year with unsightly banks of grey hardened snow and ice, has delayed the market action. The number of new listings and sales are slightly down compared to a year ago, but the good news is the average selling price for The City of Toronto is up 4.2% to $840,211 compared to last February which was $806,494. With March break upon us next week listings will be slim. Most sellers who are planning to list their properties have been instructed to wait until after the school breaks. Hopefully by then we can expect some balmy temperatures to arrive which will bring us the usual spring bounce.


As the days are getting longer, we are seeing more freehold listings come to market, up 45% from the prior week. There was a small blip in properties sold, up by 5%, and no surprise that of those properties sold, 66% sold at or above the asking price.


The condo market is not showing any signs of slowing. The condominium sector was instrumental in the price growth we have seen. The average price for a condo in The City of Toronto is up 7.4% to $612,488 compared to last February which was $570,275. New listings last week were up 36% week-over-week and the number of sold condos saw a small 4% increase, and of those condos sold 47% sold at or above the asking price.


The rental market continues to operate in high demand. Low inventory and strong competition between renters resulted in average rents increasing well above the rate of inflation on a year-over-year basis. The average one-bedroom monthly rent was up by 8.1% to $2,145 and the average two-bedroom rent was up by 7.4% to $2,810.

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Usually by this this time in February we are normally gearing up for the spring market to start. One problem however...Seller’s didn’t get the memo. Like most of last year we continue to struggle with low inventories, Is it economic uncertainty that is causing this or is affordability the likely culprit within the freehold sector? Despite a continued increase of listings over the last few weeks it is important to note that overall listings for freehold homes is down significantly from last year, despite the influences of a brutal winter of snow storms and freezing rain. This is not the news that buyers want to hear as they are still out there waiting to purchase.


The freehold sector last week saw a 29% drop in new listings but an increase in sales up by 7%. The good news is the number of sales is 20% higher than a year ago and the percentage of sales at or above the list price remains at a notable 54% which indicates that bidding wars are still happening in certain neighbourhoods. We are experiencing very localized market conditions. The number of new condo listings also continued to contract last week while demand and sales were up 7% from the week before. With fewer listings the increased competition resulted in 42% of available condos selling at or above the list price. We are still experiencing the impact of the “stress test” which varies by location, housing type and price.

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Real estate disrupters come and go. Many of these new “disrupters”, some coming here from the USA will offer you a quick estimate using an algorithm without doing a market analysis. Are they overlooking the emotional aspect of selling a home and are they just order takers? The market in the last couple of years was booming. You would list a house and it would sell within days. Now in some areas, realtors need to brush up on their negotiating skills and a lot of that comes with experience and training.


Studies were done in the USA and those sellers not using traditional Realtors, sold on average 6-8% lower than an MLS sale for a similar property. American real estate and Canadian real estate are not the same. Through our nationwide listing system Realtor.ca homebuyers and sellers are able to see virtually all listings in the country. Go south of the border and you see only the company’s listings. It is no wonder that third-party, non-Realtor websites dominate America. The road ahead is going to be exciting as we adapt and respond to the changing times!


Freehold listings continued to climb last week by as much as 45% with the central core leading the way and the bulk of the new listings were listed between $1.5M and $3M. The number of sold freehold properties did not see an increase from the previous week, but of the properties sold 58% sold over the asking price. A similar market exists in the resale condo sector.


New listings were up 38% week to week but not much change in the number of condos sold. Sales happening at or above the list price seem to be hovering in the 40-45% range, which we consider to be healthy.

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The Toronto Real Estate Board released its market outlook for 2019 this week and the forecast is all good news! It’s predicting the average sale price to be about 4% higher for 2019 and a moderate increase in total sales to come in around 83,000 ends, compared to 77,375 sale ends we had in 2018. It’s also encouraging to see a slight increase in the selling price for The City of Toronto in January, coming in at $777,674 up 1.4% compared to January 2018, and up 1.9% from December. Taking into account the entire GTA region the number of transactions edged upwards and inline with TREB’s forecast for higher sales in 2019.


The resale condominium market continues to lead the way in terms of price growth, up 8.8% on a year-over-year basis with the average sale price at $591,444 for the City of Toronto. The rental market in the GTA is expected to remain tight in 2019 with the supply of rental units still expected to be of concern.


The number of new freehold listings decreased last week but that could be because of the massive snowstorm Toronto had. 20% fewer listings week-over-week created increased competition with 45% of sales selling at or above the asking price. The busiest part of town is still the east end of the city where multiple offers are still the norm. More than 85% of the properties sold over asking.


The condo sector saw a small 6% uptick in new listings last week and no change in the number of sold condos from the previous week. TREB has based its predictions on a lpsos survey and 26% of those looking to buy this year are planning to buy a condo. The proportion of buyers who are planning to buy their first home are still finding it difficult to qualify for loans under the new mortgage stress test.

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