Corinne McCabe , Broker

Bosley Real Estate Ltd., Brokerage

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

MARKET UPDATE FOR THE WEEK ENDING JUNE 13TH


Toronto has a fever and it's not just World Cup fever either. Sure there is a lot of cheering going on in the streets but it's not a celebration of a soccer victory. This time, people are cheering about the value of their homes. The condominium market, the bellwether of real estate health, has been very strong despite claims of overbuilding, and single family homes in the city are averaging over $1 million. Clearly Toronto has a supply and demand issue with over 64% of homes and 25% of condos selling at or over the list price. Weekend open houses and patio seating in Little Italy share one problem....crowd control.

 

Last week new freehold listings jumped substantially. Generally more listings mean more choice for buyers but last week there were more buyers too. The end result was that we saw a 7% increase in the percentage of listings sold at or above the list price (64%). The hot spots in the core were the first-time market in the East and the move-up market in the West where 78% and 75% of homes sold in multiple offers respectively.

 

The condominium market continues to keep pace as well. Despite a nearly 31% increase of new listings on the market last week, sales were strong. Overall, 25% of condos sold at or above the list price, however the east core continues to surprise. Sales in the move-up market, those at $400k and above, have been consistently frothy over the last few months with multiple offers taking place on nearly half the condos sold. No surprise in the high end condo market ($3m +) which remains very quiet.

 

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.

Read full post

Market Update For The Week Ending June 6th

Have you ever had the feeling you should have zigged when you should have zagged? Have you ever wondered if your trip would have been shorter if you had taken a different route or left at a different time? Those questions, and many more, often confound our research team because lately trying to predict what the real estate market in Toronto will do is like trying to predict what direction an Ikea shopping cart will take you.

 

Call it the Yo-Yo effect. Sometimes listings go up and sometimes, for no particular reason....well, they go down. Case in point, the freehold home in the Downtown core. After a flurry of listing activity two weeks ago, listings tapered off last week to below the levels one month ago. Sales are slowing slightly, backing off 13% compared to a week earlier but the number of sales happening at or above the list price is still close to 60%. This week’s hot spot alert goes out to first time buyers looking in the East core where 72% of homes in the $400k-$700k range sold over asking.

 

Last week, the condominium market proved that the previous week’s listing spike was nothing more than an anomaly as new listings returned to average levels more consistent with the last two months. In the Central Core the hot ticket is owned by the first timer and investor market where nearly 50% of the transactions are in the $200k-$400k category. In the East and West core market activity seems to favour the move up buyer (those in the $400k-$700k category). Overall, sales activity remains active with nearly 30% of condos sold at or above the list price. Oh, and in case you are wondering, there are currently 2,926 condos on the market in Toronto’s core. Lots of choice.

 

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.

Read full post

MARKET UPDATE FOR THE WEEK ENDING MAY 30TH


We are fed up with vortexes, (polar, pollen or otherwise), so this week we want to describe the increase in new property listings as Toronto’s Listing Tsunami. After a series of holidays and long weekends contributed to low inventories it seems that Sellers are finally getting with the program as both freehold and condominium listings nearly doubled last week. This tsunami is just what the city needs to quench buyers’ thirsts for homes.

 

While hitting a low of only 326 new listings in the core just a few weeks ago, last week we saw a remarkable 629 new freehold listings. Such an increase would surely make The Canadian Mortgage and Housing Corporation shiver if it weren’t for the 36% increase in sales as well. It is also worth noting that over 62% of those sales happened at or over the list price, marginally lower than a week ago. The sweet spot last week was the west core where sales in the first-time buyer market ($400k-$700k) doubled. The weakest sector continues to be the central core’s high-end (homes listed above $3M) where there are now 142 homes listed versus only 2 sales last week.

 

The condominium market in the Toronto core continues to shine. While there was a 35% increase in new listings last week, sales increased by 39%. As long as this trend continues we will keep taking bites out of the standing inventory. Last week we were happy to report that over 29% of condos sold at or above asking, that after all is pretty spectacular. This week that number has climbed to a remarkable 32% making us reach for the champagne hidden away in the back of the office fridge. While the east and west cores are taking a little breather, the central condo market is red hot with nearly double the sales in the $700k-$1.5m range.

 

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.

Read full post