Corinne McCabe , Broker

Now that March Break is over and we seem to be easing into some warmer weather, it appears that Toronto’s real estate market has a bit more “spring” in its step. While there are just some puns you never tire of it is clear that Buyers and Sellers are back and are more determined than ever to get settled before the summer.

The freehold sector has witnessed its biggest increase of the year with listings growing by 70% across the downtown core. There is still a bit of catching up to do on the sales side however. Last week sales of existing units increased by 25% but is still below the sales activity recorded before the March Break. We are expecting sales levels to drop over Easter but to rebound quickly and remain high for the next few months.  It is interesting to note that the number of homes sold at or above the list price has remained consistent throughout the month, hovering around 62%.

The condominium sector does not appear to play under the same rules as its freehold counterpart. Listings have been increasing slowly since the beginning of the year despite holidays and inclement weather. Last week new listings moved 8% higher to 739 units. Sales have been trending upwards as well, increasing by 8% over the same period. We are still reporting close to 23% of condo transactions happening at or above the list price which points to continued strength in the high rise market.

If you’ve been following real estate trends for the last few years then you’ve probably witnessed the direct correlation between the weather and listing and sales activity in the city. The simple fact is that everyone hates to trade in real estate when it’s too cold or too hot. Case in point, we are climbing out of the deep freeze and as such, there is more activity in the market.

Be still our beating hearts. The freehold sector has turned up the heat. Last week alone we watched listings climb by 12% across the central core but the big news is the 76% increase in number of sales. Of those sales 64% were above asking. It is interesting to note that at this time last year we had 15% more listings (325 compared to 283) and 11% more sales (164 compared to 148). That tightening of supply has created more multiple offers than one year ago (61% last year vs 64% this year). As we move into Spring Break, we expect things to move a bit slower over the next two weeks.

The resale condominium market seems to be having a solid start this year. Our agents are reporting more multiple offers in what is considered more boutique style buildings, those low and mid-rise condos and lofts located in established neighbourhoods. While listings have increased nearly 20% over the last two weeks, sales have been exceptionally strong, increasing by 22% over the same period and the number of multiple offers climbing to 23.5% compared to 13.5%.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have three centrally located offices and over 230 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.

February's infographic is here...