Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

 

Call us unimaginative, but along with being thankful for family, good health and warm fall weather, this year we are going to be thankful for being Realtors®. Again. Sure, it has been and up and down and up kind of year and no we have not moved out of the near bottom ranking of jobs people like to hate, but nobody gets to explore and enjoy the city like we do. As the city learns to live a high-rise lifestyle we Realtors can enjoy some of the city’s most stunning views in the morning and wander amongst the grand homes of Lawrence Park in the afternoon. Condo owners have a bit more to be happy about as overall price growth in that sector continues to outstrip the single home market but recent stats from the Toronto Real Estate Board show all house types up year-over-year in the 416. Happy Thanksgiving!


In the condo market there was a modest decline in new listings as we head into the Thanksgiving long weekend with listings down 12% to 276 from 314 the previous week. Buyers can be thankful, though Sellers are definitely not, that the percentage of condos selling above their listed price continues to decline. This week only (yes, only) 27% of condos sold over their advertised price, down from above 40% in early-September.


In the freehold market the decline in new listings was more pronounced, down 17% from the previous week. While the condo market seems to have found its identity (just keep going up), the freehold market still seems to be looking for stable footing.  We are witnessing a bit of everything, with some listings reducing their prices after a few weeks and some still increasing their price when they don’t get a bidding war on offer night. Bidding wars are still happening with 35% of homes selling above their list price, just not to the same extent they were in the ultra hot spring market.

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This property has SOLD at 487 Main ST in Toronto.
Lovely & Bright 2 Bedroom, 2 Bath Home In Danforth Village With Parking! Located On The Quiet Stretch Of Main, Yet A Quick Walk To Main TTC & Go Stations & Steps From The Bus Stop. Private Fenced In Backyard, Quaint Front Porch, Renovated Kitchen, New Furnace, Many New Windows & Finished Basement Too. Just Move In! Open House Saturday & Sunday 2-4.
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Please visit my Open House at 487 Main ST in Toronto.
Open House on Sunday, October 1, 2017 2:00PM - 4:00PM
Lovely & Bright 2 Bedroom, 2 Bath Home In Danforth Village With Parking! Located On The Quiet Stretch Of Main, Yet A Quick Walk To Main TTC & Go Stations & Steps From The Bus Stop. Private Fenced In Backyard, Quaint Front Porch, Renovated Kitchen, New Furnace, Many New Windows & Finished Basement Too. Just Move In! Open House Saturday & Sunday 2-4.
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This past week we in the industry seem to be of two minds.  It seems all the Realtors are holding the same half full glass of water and we are debating the age old question of is the glass half full or is it really half empty. Some Realtors are trying to hold offer dates and others are trying to list where they think a property’s market value lies.  Some are still thinking about the market softening after the April ‘peak’ and others are looking for a new peak this Fall. After watching the steady increase in freehold properties being sold above their listed price this last week we are definitely leaning towards the half glass full philosophy. One thing everyone does seem to agree on is that there is a bit of a lack of quality listings coming to the market.


In the freehold market new listings tailed off a bit last week with 259 new listings coming to market compared to 306 in the previous week. The percentage of freehold properties selling above their listed price increased from 40% to 49%. The hottest product was the $700,000-1,500,000 price range in the east end where 66% of properties sold above their advertised price.  The same category in the west end showed 50% of listings sell above their advertised price and in the central core the number becomes a more modest 38%.

 

In the condo market new listings have seem to hit a stable number with 314 new listings last week compared to the 337 the week before. The hottest segment of the condo market is also in the $700,000-1,500,000 but overall there was a decline in the number of condos that sold above their advertised price.  Last week saw an easing off of condos that sold above their listed price coming down 6% from the 40% of properties the previous week. With 34% of all condos last week selling above their advertised price the condo market seems to be settling into a nice groove for the Fall market.


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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New featured property at 487 Main ST in Toronto.
Lovely & Bright 2 Bedroom, 2 Bath Home In Danforth Village With Parking! Located On The Quiet Stretch Of Main, Yet A Quick Walk To Main TTC & Go Stations & Steps From The Bus Stop. Private Fenced In Backyard, Quaint Front Porch, Renovated Kitchen, New Furnace, Many New Windows & Finished Basement Too. Just Move In! Open House Saturday & Sunday 2-4.
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Please visit my Open House at 487 Main ST in Toronto.
OPEN HOUSE: Saturday & Sunday, 2-4pm
Lovely & Bright 2 Bedroom, 2 Bath Home In Danforth Village With Parking! Located On The Quiet Stretch Of Main, Yet A Quick Walk To Main TTC & Go Stations & Steps From The Bus Stop. Private Fenced In Backyard, Quaint Front Porch, Renovated Kitchen, New Furnace, Many New Windows & Finished Basement Too. Just Move In! Open House Saturday & Sunday 2-4.
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It was with some sadness that we heard the news this week of the death of Wiarton Willy, the lovable groundhog that has predicted with less than perfect results whether we would be free of the grip of winter or due for a prolonged cold spell. And, as we thought fondly of Willy we were reminded of one of our favourite non-real estate movies starring Bill Murray – Groundhog Day. If Bill Murray was a Realtor® he would be living a version of Groundhog Day today. Waking up this morning and looking at the trend in sales he might think he was back in March.  Listings and sales are up in condos and the freehold market and more importantly the percentage of properties selling above their list price reached 40% in both the condo and freehold markets.  While 40% of sales above list may still be far from the Spring days of 80-90% of deals selling above their advertised price it is certainly an interesting trend that we will be watching carefully.


In the freehold market new listings jumped 30% to 306 from 237 the previous week. Several of those new listings are actually re-lists of properties that were previously listed in the Spring market but it is important to note that the market has not been flooded by listings that did not sell in the spring.  In most neighbourhoods these re-lists represent only a small portion of all the new listings. Sales in the freehold market jumped significantly nearly tripling from the previous week with 110 freehold properties being sold compared to only 39 in the previous week. We recently heard the story of a property that had been previously listed, but not sold, in the spring that came back to the market with a slightly lower asking price only to be sold in multiple offers for more than the original spring price.


The condo market also saw an uptick in new listings with 337 new units coming to market last week compared to 318 the week before.  While this increase is fairly small it does show a trend of balanced numbers of condo properties coming to market.  Condo sales also increased last week going from 95 two weeks ago to 132 last week.  This represents a healthy 40% increase in condo sales week over week and we will be watching carefully to see how the condo market trends through the remainder of the year.

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New featured property at 1019 333 Adelaide ST W in Toronto.
Stunning City And Lake Views! Corner Unit With Double Balconies! Tall Windows Alone West & South Facings. Walking Distance To Downtown, Yonge St. St. Lawrence Market, Distillery District. The Esplanade. Restaurants & Retail Along King St. East. 2 Bedrooms, Split Design For Privacy, Both With Private Ensuite Bathrooms. Separate Powder Room Off Main, Open Concept Area.
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Ground Control to Major Tom, take your protein pills and put your helmet on. And just like that the Fall market has started. In case you have been away this summer it might be worth a quick recap on just where we are in the real estate world. After a rocking great start to the year with record sales through April the provincial government created their Fair Housing Plan, including their new rules on rental properties and a foreign buyers tax.  Not to be outdone, the federal government then joined the chorus with not one but two increases to the prime interest rate that the banks were only too happy to embrace and have begun to hum the tune of stricter borrowing rules that we have heard before. While the municipal government has kept out of the legislative choir it seems they are mostly hoping all these measures to cool the market don’t work too well, because gosh they really need all that income from the land transfer tax. So what does all this mean to Toronto’s real estate Fall market? It’s a bit too early to say. What we can say is that perhaps we are not all singing the same tune.  The media continues to sing the song of market collapse while from the background singers we are hearing whispers of homes selling with 8 offers and multi-million dollar Rosedale mansions selling after one day on the market.


The freehold sector was up a whopping 450% or five times more new listings than the previous week. This is not unusual for so many listings coming out after labour day. What was unusual was the amount of sold listings down by almost 50% from the previous week, with 20 per cent selling over the asking price. What was notable last week was 29 new listings in the central core listed above $3 million!


The condo market also saw an increase in new listings. Up 200% over the previous week, with the sweet spot being the $400k to $700k. While sales tapered off 45% over the previous week, a substantial amount (34%) of the sales, sold over the asking price. The condo rental market is fierce these days. New listings don’t even last a day and most end up in a bidding war. The average one bedroom in Toronto is now $2,089 a month!

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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Back to school in September always feels like the beginning of a new year for real estate. We are all prepping and preparing for the Fall Market. So many predictions are made but time will tell us how it will all unfold. The Toronto Real Estate Board stats came out the other day and the average cost of a home in August was $732,292 up by three percent compared to August 2016.The number of new listings entered into the MLS system was down by 6.7% year-over-year. Home sales in August were down 34.8%. While we might be seeing clouds forming on the horizon, summer real estate numbers aren't always the best indicators of where the market is going.


While the price of detached homes remained unchanged this August compared to last, semi-detached home prices are still up 12.1 percent and the average condominium price has increased 21.4 per cent since August 2016 for an average price of $507,841. The real estate market has the benefit of a strong GDP growth, low interest rates and unemployment. The latest interest hike increase may also spur sales as potential buyers decide to act now to lock in a mortgage rate if they believe more rate increases may be coming.


All these statistics represent the GTA and fail to target the specific statistics in each individual neighbourhood. Our market is very diverse and the numbers of one area are not necessarily reflective of the market as a whole. House hunters still prefer to take their time, but we are seeing a notable increase in confidence after the craziness that set in late spring. It’s too soon to know if the rate hike will change buyer psychology because many opt for five-year fixed terms on their mortgages. The first week after Labour day weekend usually brings a spike in listings so let’s see if that stands true this year!

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New featured property at 190 Oakcrest AVE in Toronto.
Be The First One To Live In This Gorgeous, Fully Renovated Home! Located In The Best Pocket Of Danforth Village In A Quiet, Residential Enclave. No Expenses Spared Inside & Out, Stunning Finishes, W/Every Detail Carefully Thought Of. Huge Lot To Enjoy The Trees & Gardens From Your Private Backyard Retreat. Easy Street Parking & Conveniently Located Next To The Danforth Go & Main Ttc Station, W/Grocery, Coffee Shops & More Along The Danforth. Must Be Seen!
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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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