Corinne McCabe , Broker

MARKET UPDATE FOR THE WEEK ENDING MAY 9TH

Last week we reported that the Spring real estate market is in full swing in Toronto now that the warmer weather has arrived. At our offices we’ve put away the salt bags, rolled up the winter mats and cleaned the windows. While Buyers heard us loud and clear, Sellers apparently didn’t get the memo as both the number of freehold and condo listings backed off last week. For now we are going to blame it on last week’s tequila hangover and Cinco de Mayo.

Freehold home listings retreated by a staggering 24% last week. This was one of the largest week-over-week decreases in a number of months with the biggest decrease in new listings happening in the central core’s $1.5m to $3m price range. Naturally this is not the news that buyers want to hear as they are still out there waiting to purchase. Need evidence? How about the fact that we witnessed a 16% increase in sales in the Toronto Core AND watched the sale-to-price ratio increase to 64.5%. Once again it is the first time buyer who is struggling. When we look at the $400k to $700k segment of the core market it is interesting to note that over 77% of homes traded at or above the asking price.

The condominium market continues its road to health again this week. After a brief spike last week, the number of new listings continues to fall. This week we recorded a 9% drop, in all price categories, of new listings across Toronto’s core. While sales decreased by 25% we were surprised to note that sales at or above the list price actually increased by nearly 4% to a near record yearly high. It is important to note that mid-priced condos (those in the $700k to $1.5m range) continue to be the condo sweet spot reserved for home buyers abandoning their hopes of buying a home with a backyard.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 220 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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 report on the true temperature of the real estate market.

Well, this is good news indeed!  News is Streetcar Developments has bought the beautiful building at the corner of Queen & Broadview, otherwise known as the eyesore for businesses... Jilly's.  Apparently they will be addressing some major structural concerns, and maintaining the building's glory at the same time.  This will really improve that corner, and the whole strip (no pun intended) of Riverside.

http://torontoist.com/2014/05/say-goodbye-to-jillys/

MARKET UPDATE FOR THE WEEK ENDING MAY 2ND

With Easter behind us, and our hopes dashed for a Raptor playoff run, it’s time to concentrate on the task at hand, get that house all gussied up for the Spring market. There are flowers to plant and porches to paint. Curb appeal, after all, is the name of the game.  As if but a dream, the real estate market is back in full swing.

Freehold home listings saw a 16% increase last week with the biggest gain happening in the East and West core, particularly in the first time buyer segment ($400k-$700k). This is great news for people looking to get into the housing market however, competition remains tight. We were somewhat shocked to see a 74% increase in the number of sales last week. 62.5% of homes traded at or above asking price. You probably heard the one about the house that got 72 offers. Let us be the first to state that is not the norm. A good house, well priced, and given enough time on the market should get 2 to 6 offers depending on location, price and condition.

Meanwhile, in the condominium market, no news is good news. Available listings increased by a marginal 5% while sales increased nearly 14%. As long as sales outpace new listings we can sleep well at night. Sales happening at or above the list price seem to be hovering in the 20-30% range, which we consider to be very healthy.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 220 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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 report on the true temperature of the real estate market.