Corinne McCabe , Broker

Bosley Real Estate Ltd., Brokerage

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

 

MARKET UPDATE FOR THE WEEK ENDING DECEMBER 12TH 2014


Here’s a little blast from the past. Back in the 80’s part of our beloved Gardiner Expressway has this awesome little dip right after the South Kingsway exit. If you were travelling west and going fast enough you could catch some serious air. We only mention it because, until it was repaired, it was a sure thing... just like the continued drop in new listings over the month of December.


After reviewing last week’s numbers we saw some very interesting trends. Sure new listings are down...way down, but so are sales. Now here’s the interesting thing; while there were 63 fewer new listings last week, there were only 36 fewer sales leading us to interpret that buyers are still out there but they are digging into the standing inventory more than ever before. The hottest sectors across the entire downtown core remain the first time buyers in the $400k to $700k range, where 46% are selling in multiple offers against an overall average of just 26%.


Like the freehold market, the resale condominium sector is following the same trends. New listings are down another 95 units last week (to a new historical low of just 375 for 2014) but sales are only off by 39 units from the previous week. Keeping in line with previous weeks, nearly 22% of sold units are happening at or above the list price. This tells us that the condominium market is generally healthier than it was at the top of the Spring Market. Of course all this news leads us to believe that the Spring Market is going to be very active. 






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This property has SOLD at 298 Springdale BLVD in Toronto.
Christmas Has Come Early! Detached, 2-Storey Danforth Village Gem With Legal Front Pad Parking. Move-In Ready! Beautifully Stained Hardwood. Gorgeous Galley Kitchen With Walk-Out To Fully a Fenced Private Garden Oasis. Built-In Porch. Full Basement! R.H. McGregor School. Updated Mechanics Including Electrical (100Amp) And Plumbing (3/4" Line). Newer Roof, Air Conditioner And High Efficiency Furnace. Nothing to do here but move in!
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MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 28TH, 2014

 

It's not just the Grey Cup that signals the end of November. If you've lived in Toronto for any length of time you know that this time of year also means that thoughts of buying and selling homes take a back seat to Christmas shopping and holiday planning. While we may not remember who won the last Grey Cup, we can take the slowing real estate market to the bank. Now some people will tell you that the best time to buy or sell is when no one else is buying or selling. It seems those people made that point abundantly clear this week.

 

Consider the freehold market segment. It's true that new listings dropped by 54% over the previous week, but sales are not backing off at the same pace. This week sales were only down  7% but sales at or above asking inched up marginally. It's interesting to note that sales across Downtown Toronto have remained consistent overall price points. Our research also shows that first time buyers will likely see more properties for sale in the east but will be involved in fewer multiple offers in the west, while in the Central core those same buyers will likely purchase homes at a higher percentage over the asking price.

 

The condominium market returns with some more positive results. After a rather stagnant week of sales last week, it jumped back with some solid numbers. New listings continue to slow this week ( down 17%) while sales jumped up by as much as 50% in some parts of the core.  While down slightly, we are happy to report that 14% of condo sales happened at or above the listing price this week. With  470 existing condos for sale in the Central core and the bulk of the new inventory under construction, we will continue to monitor this segment closely, but it seems that consumer confidence combined with strong immigration numbers are winning over bubble talk in the condo market.






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Some really great feedback given to DECA from the Festival of Lights on the weekend...

 

"I just wanted to pass along a huge thank you to all the hard working volunteers who put together the Festival of Lights event.  It was such a fantastic event!  So many fun activities going on and such a great turn out.  It was such a fabulous start to the holiday season and so lovely to bring the neighbourhood together like that.  It was so magical for the kids when the lights went on!  I really appreciate all the work that must have gone into tonight and I wanted to make sure that all of you at DECA knew it was very appreciated!  I’m already looking forward to next year - such a great tradition."

 

So great!  I can't wait for next year too!  It will only get better over the next years.  See you there!

 

 

 

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