Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

 

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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This is an interesting infographic comparies the averages from 2016 to 2017...

 

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Blue Moon - “a second full moon in a calendar month” Has it cast a spell over the real estate market? 


It’s hard to believe that we are already a month into the new year. We have had some major snowfalls and plunging temperatures but so far this year it’s been a tepid real estate market. Agents are complaining there is nothing to show and as research indicates listings in both the freehold and condo sector have backed off substantially from a year ago while the demand is still strong. Perfect example: A house in prime Leslieville gets listed for $875,000 and on offer night there are 15 offers and it sells for $1,290,000. The buyers are out there. If you are thinking of selling NOW is the time!


In the freehold sector, listings continue to be a source of concern. We are down 10 percent in listings from the previous week, and we should be seeing an increase in new listings week over week not a decrease. The good news is we have seen a small increase in sales this week, and of those sales more than 50 percent sold over the asking price. The hot spot was the east side (E01-E03) where there were 24 sales and of those 45 percent sold over the asking.


A similar tight market exists in the condominium sector. Last week we had 136 new listings come to market, but the week before we had 183. The good news is we had 30 percent more sales and the sweet spot was $400 -$700K, with 50 percent of condos selling over the asking price. There is a noticeable drop of new condo listings in the central core, proving once again that the demand still exists for central condos.


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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The Toronto real estate market has had a sluggish start with slim listings and hesitant buyers. Generally speaking January is a slow month for new listings, but the demand is high and now that most of the snow has melted it is time to start seeing "For sale "signs popping up. Sales have dipped 6 percent in the first half of January in the GTA area compared to the same period last year. It seems the overall market is affected because of the 12 percent drop in condo sales so far in January compared to the same time last year.

 

In the freehold sector listings continue to be a source of concern. A year ago there were 251 new listings compared to just 209 this year. The good news is there were more sales posted this week up by almost 34 percent compared to the previous week. As we continue, the hope is more Sellers will come to market soon and not wait until March. The demand is strong thanks to a robust economy. The condo sector has seen more listings come to market. Last week we had 190 new listings compared to 146 the week before. We also have seen a jump in sales

by 25 percent week over week. The condo rental market is a blazing hot segment in Toronto's downtown core. Because there is a lack of inventory the concept of "holding offers" has moved over to the rental market. A record 27,200 condo apartments were leased through MLS in the GTA in 2017, up 1 percent from 2016. Agents say the multiple bids blind auction has become one of the features in the tight rental market.

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This property has SOLD at 204 Parkmount RD in Toronto.
Move-In Ready Semi-Detached Family Home With 3 Bedrooms And 2 Recently Renovated Bathrooms. Open Concept Living And Dining Area Is Great For Entertaining. Basement Features Fantastic Living Space - Dug Down With Permits For Great Ceiling Height. Enjoy The Warmer Days And Evenings In The Private, Fenced-In Backyard. With A Walk score Of 90, It's Just Steps To Great Schools, The TTC, A Four-Minute Walk To Monarch Park, And An Easy Stroll To Danforth Avenue.
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New featured property at 204 Parkmount RD in Toronto.
Move-In Ready Semi-Detached Family Home With 3 Bedrooms And 2 Recently Renovated Bathrooms. Open Concept Living And Dining Area Is Great For Entertaining. Basement Features Fantastic Living Space - Dug Down With Permits For Great Ceiling Height. Enjoy The Warmer Days And Evenings In The Private, Fenced-In Backyard. With A Walk score Of 90, It's Just Steps To Great Schools, The TTC, A Four-Minute Walk To Monarch Park, And An Easy Stroll To Danforth Avenue.
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Cold weather getting you down? Salt stains on your boots? Down in the dumps at your desk? January 15th - Blue Monday, is supposedly the most depressing day of the year. Yup, Christmas is really over and the realization of all the money we've spent and the fact most of us are back at work makes us blue. But you can feel the market is starting to come alive this week. New listings are slowly coming to market, but the feeling is Sellers and Buyers seem to be doing the "let's wait and see" dance.

 

Looking at the sales figures for the freehold sector compared to last year, the number of sales and listings so far this month is nearly identical except for the west end where there were 10 percent more listings last year. What few listings in the freehold market we have seen come to market this month the multiple offer trend is happening once again.

 

The number of new resale condos in the downtown core is lower this month by 40 percent compared to the same time last year, but the demand is overwhelming for condos priced in the $350K to $400K range. News of a condo receiving 22 offers this week in Liberty Village could mean a shift in the market as buyers and sellers take advantage of the price difference between condo units and freehold. The average price for a condo in the core was $532,700 at the end of December.

 

Bosley has opened a new office in Cambridge which can service all areas from Hamilton, Kitchener/Waterloo, Wellington County, Georgetown and all the way to Guelph.

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Happy New Year ...... So the year begins. Let's sum up the market for 2017.

 

• GTA realtors reported 92,394 sales through Treb's MLS- down 18.3 percent compared to (113,133) the record set in 2016

• Record sales in Ql were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan was announced.

• The average selling price for 2017 was $822,681- up 12.7 percent compared to 2016.

• The "stress" test was introduced in October causing a rush of new listings and sales for November and December.


There is no doubt that the new mortgage rules will impact the purchasing power of buyers in the resale market, pushing everyone down a rung on the property ladder.


Because of the housing bubble in the first quarter of 2017, this year will be a year of data misrepresentation. Any comparison to that bubbly time will make 2018 look bad. The media likes to report comparable data without providing context and the word "crash" might be thrown around liberally.


As for foreign buyers, they still view Canada as a very safe place to put their money, and many other foreign buyers are buying for their children when they attend University here, or for themselves based on a planned future move here.


The condominium resale market we expect to still be robust this year, with asking prices topping $1000 per square feet. The average price for a condo was close to $550,000 for the City of Toronto, up 15 percent compared to 2016.


Many investors still view Toronto condos as great long- term investments, but higher interest rates, rent control, and mortgage rule changes, might leave investors hesitant to buy.

 

It has only been a couple of weeks into the new year so its difficult to predict what will happen. With all the new rules taking effect this year some buyers and sellers are reluctant to make a move. The waiting game begins!


Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Port Hope, 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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The time is almost upon us to ring in the new year and for many of us to embrace change. The real estate market in 2017 has been anything but typical in the GTA and the fickleness looks set to continue right into 2018. There is so much uncertainty as to how the real estate market will unfold as we head into the new year. Royal LePage is forecasting a 6.8% increase in housing prices next year, but Remax Canada predicts a more conservative 0% price change. So, what will it be? Will the lack of housing supply in big-city markets, including Toronto drive prices up?


The City of Toronto continues to strengthen following the market declines after the province introduced the Ontario Fair Housing Plan in April, and in particular the 15% foreign buyers tax and other cooling measures. The foreign buyers tax has had more of an impact in the 905 area where the residential resale market seems to have stalled.

The condo market has been the hottest sector with the average sale price at $555,396 up twenty-five percent from the same time last year. The high demand for entry-level properties like condos is likely to continue in the new year, as well as a tight vacancy rate for renters.


Going forward what we do not need is further government intervention in the market place. As the market continues to recover in 2018, it is expected to be a more balanced market.


Whatever you celebrate this holiday season, wishing you all peace and joy. Take the time to be with your family and friends and enjoy the fun holiday season.


Happy New Year!

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As the calendar flips for the last time this year and we are three weeks shy of Christmas, it feels like we are all gearing up for the holiday festivities. The offices are a little slower, listings are dropping off and the buyers are taking a break. The November stats were released from The Toronto Real Estate Board and for the City of Toronto the average price was up 2 percent to $802,220 from November 2016. We saw a sizable number of new listings (14,349) for the entire GTA, up by 37 percent compared to November 2016. This boost to home ownership could be because of the upcoming changes to mortgage guidelines, which come into effect in January. On a year-to-year basis, the average selling price was up by 13.4 percent compared to same period last year. All the negative headlines are for the entire GTA, but conditions continue to be stronger for the City of Toronto.


The freehold sector in the central and east neighbourhoods saw a drop in new listings last week by 14 percent, while the west end remained on par as the week before. As December approached we also saw a drop in sales by 25 percent for all freehold but the bidding wars were still happening with 27 per cent selling over the asking price.


The condo market in the City of Toronto is still sizzling with the average price now at $555,965. Last week we saw a decline of 12 per cent in new listings for all neighbourhoods and a small decline in sales by 6 percent but the bidding wars were still strong with 32 per cent selling over the asking price. The condo market continues to lead the way in terms of price growth in the GTA.

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Bosley Real Estate is looking to recieve gently used coats, hats, mittens etc. Thousands of refugees and newcomers arriving in Toronto this year will not have adequate clothing for the coming season. This clothing drive will hope to help roughly 8,000 people meet their need for warm winter clothing.


If you have anything, particularily boys items, let me know and I can swing by and grab whatever you can spare.


Thanks in advance for your generosity!!!!!

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This property has SOLD at 1815 25 Telegram MEWS in Toronto.
Fabulous One Bedroom + Study W/Gorgeous City Views. Upgraded Unit W/Laminate Throughout,No Carpet In The Master! Upgraded Granite Island Added For Dining, Custom Pantry Storage, 560 Sq Ft +39 Sq Ft Balcony W/Unobstructed Views Over The Soon To Be Rail Deck Park! Parking & Locker Incl, Steps To Ttc, Sobey's Access Through P1 Means You Don't Have To Go Outside If It's Raining. In The Heart Of The City W/Incredible Amenities. See Feature Sheet For Full Details.
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Over the years we have watched the Black Friday phenomena move north of the border and now it is not unusual to see line-ups outside big box stores in Toronto.  As always the in demand items are electronics, televisions, clothes and… Real Estate? While a few weeks back we might have thought we were headed for an early end to the Fall market, that definitely does not seem to be the case as we get into the second half of November.  Don’t get us wrong, these are not door crasher numbers but sales in the Freehold category increased and the condo market continues to defy every new bit of legislation the government can throw at it.


We have reviewed our holiday/long weekend calendar and are clear for the rest of the year.  We have however entered what is universally known as the ‘Holiday Season’ and the freehold market always respects the holiday season.  So we are not at all surprised to see the number of listings declining from the previous week down 20% to 178 from the 222 the previous week. We did see a nice jump in sales, up 12% to 132 from the 118 the week before.  We believe the new mortgage stress test is keeping the Buyers interested even as the Sellers get to decorating their houses and this resulted in the number of freehold properties selling above their advertised price remaining at the lofty 42%.


The condo market saw a modest decline in both listings and sales but saw an increase in the percentage of properties selling above their listed price, up to 40% from last week’s 35%.  New listings declined 10% to 270 from 299 and sales declined a similar amount to 147 from the 162 the previous week. With the continued pressure from Buyers to buy before the new mortgage rules come in on January 1st, 2018 we expect the condo market to be strong for the rest of the year.

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New featured property at 1815 25 Telegram MEWS in Toronto.
Fabulous One Bedroom + Study W/Gorgeous City Views. Upgraded Unit W/Laminate Throughout,No Carpet In The Master! Upgraded Granite Island Added For Dining, Custom Pantry Storage, 560 Sq Ft +39 Sq Ft Balcony W/Unobstructed Views Over The Soon To Be Rail Deck Park! Parking & Locker Incl, Steps To Ttc, Sobey's Access Through Pi Means You Don't Have To Go Outside If It's Raining. In The Heart Of The City W/Incredible Amenities. See Feature Sheet For Full Details.
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This property has SOLD at 200 Oakcrest AVE in Toronto.
The Gorgeous, Inviting Home Is Truly Unlike All The Others, W/Creative Touches & Artistic Detail Throughout. 2 1/2 Stories W/Custom Rear Addition. A 3rd Floor Loft Overlooking The Master Bedroom, A Huge Entertainers Kitchen With Solid Cherry Wood Cabinets, 6'9" High Basement, A Deep 138 Foot Lot On A Quiet, Tree-Lined Street In The Best Pocket Of Danforth Village Are Just A Few Of The Many Amazing Features. Easy Street Parking.
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Please visit my Open House at 200 Oakcrest AVE in Toronto.
OPEN HOUSE: Saturday 2-4pm
The Gorgeous, Inviting Home Is Truly Unlike All The Others, W/Creative Touches & Artistic Detail Throughout. 2 1/2 Stories W/Custom Rear Addition. A 3rd Floor Loft Overlooking The Master Bedroom, A Huge Entertainers Kitchen With Solid Cherry Wood Cabinets, 6'9" High Basement, A Deep 138 Foot Lot On A Quiet, Tree-Lined Street In The Best Pocket Of Danforth Village Are Just A Few Of The Many Amazing Features. Easy Street Parking.
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Please visit my Open House at 200 Oakcrest AVE in Toronto.
Open House on Sunday, November 19, 2017 2:00PM - 4:00PM
The Gorgeous, Inviting Home Is Truly Unlike All The Others, W/Creative Touches & Artistic Detail Throughout. 2 1/2 Stories W/Custom Rear Addition. A 3rd Floor Loft Overlooking The Master Bedroom, A Huge Entertainers Kitchen With Solid Cherry Wood Cabinets, 6'9" High Basement, A Deep 138 Foot Lot On A Quiet, Tree-Lined Street In The Best Pocket Of Danforth Village Are Just A Few Of The Many Amazing Features. Easy Street Parking. Open House Sat/Sun 2-4.
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HO HO HO here come the holidays! Santa Clause is coming to town. The annual parade comes to town on Sunday and has been a staple in Toronto for 113 years keeping the tradition alive. Does that mean we are winding down and getting ready for Christmas? It doesn’t seem that way with a swell of new listings hitting the market in the early part of November compared with this time last year. Could this be a sign that sellers are hustling to list before the new “stress test” rules surrounding mortgages come into effect on January 1st.


Last week the freehold market saw 222 new listings in the central core hit the market up 35% from the week before with the east end doubling their new listings from 38 to 77. Sales were brisk for all parts of the city out pacing the week before with the west end up 65 percent. We are still experiencing multiple offers and 45 percent of all sales are selling over the asking price.


The condo market did not see an increase in new listings last week with only 299 listed, but there was a 21 percent increase in sold condos (162) mostly in the central core. Of those condos sold 35 percent sold over the asking price.


Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, 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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