Corinne McCabe , Broker

Bosley Real Estate Ltd., Brokerage

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

 

We think it is safe to say that the Toronto real estate market is moving into uncharted waters these days. The go to response to the steady increase of prices has been the lack of listings, high demand and low borrowing costs. What has transpired are stories of multiple offers, wild bidding wars and many broken dreams. So, what should we expect as we move forward? Well, if there is any consolation, we are moving into the spring market and the usual increase in listings. 


Freehold listings across the 416 contracted another 38% this week. This continues a trend that has lasted several weeks already. More surprising is the fact that sales are nearly outnumbering listings by 2 to 1. As a result the number of homes selling at or above the list price has jumped over 7% (from 69.8% to 77.2%) in a week. In the central core, there were no listings below $700k and 20 over $3m. Sales of $3m homes are almost triple those below $700k. The east core continues to be a hot district where sales are outpacing new listings by a 3 to 1 margin.


The condo market has an equal share of heat this week as well. For the first time ever sales of existing suites has outpaced listings. While not as drastic as the freehold sector, it is evident that the contraction of listings (down a further 24% from the previous week) and an increase in sales (up 13.5%) is having an impact on pricing with over 71% of condos sold last week at or above the list price. The condo market has been traditionally reserved for first time buyers and downsizers but as freehold home ownership becomes less affordable we expect even more activity in this segment.


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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This property has SOLD at 672 Milverton BLVD in Toronto.
A Beautiful Tree Lined Street Hosts This 3 Bedroom Semi In The Coveted Danforth Area. The Renovated Kitchen Will Dazzle You With A Walk Out To A Large Perennial Back Yard. The Front Finished Sunroom Is The Perfect Place For Coffee On A Sunday Morning. A Spacious Master Boasts Original Hardwood That Leads To A Spa Like Bathroom. This Delightful House Within Walking Distance Of Ttc And Fabulous Farmers Market Is Surrounded By Heaps Of Hip Shops & Restaurants.
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New featured property at 672 Milverton BLVD in Toronto.
A Beautiful Tree Lined Street Hosts This 3 Bedroom Semi In The Coveted Danforth Area. The Renovated Kitchen Will Dazzle You With A Walk Out To A Large Perennial Back Yard. The Front Finished Sunroom Is The Perfect Place For Coffee On A Sunday Morning. A Spacious Master Boasts Original Hardwood That Leads To A Spa Like Bathroom. This Delightful House Within Walking Distance Of Ttc And Fabulous Farmers Market Is Surrounded By Heaps Of Hip Shops & Restaurants.
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This property has SOLD at 129 Queensdale AVE in Toronto.
Fantastic Semi-Detached Dwelling Situated In Family Friendly Danforth Village. Just Minutes Away From Subway, Shops And Fabulous Restaurants. Enjoy The Open Character Design With New Gourmet Kitchen With Quartz Counter Tops, S/S Appliances And Walk Out To Private South Facing Rear Yard And Deck. Hardwood Flooring Throughout, 2nd Level Two Oversized Bedrooms And Updated Bath Roof 2012, Hi Eff Furnace 2012, Drains 2014, Roughed In 3Pc In Basement.
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Before we begin, we just want to say that this insight is going to be HUGE! It’s probably the best one so far. Quiet frankly it will blow all the other ones out of the water. It is literally amazing. Actually, it’s not just amazing...it’s INCREDIBLE. We know that you will be think it is the most brilliant report on Toronto’s real estate market EVER. Quiet frankly it is so astonishing that we thought about keeping it a secret just in case it fell into the wrong hands. Security is very important to us so please make sure that before you pass it around to your friends, they have been properly vetted.


The number of new freehold listings continued to contract last week while demand and sales remained virtually at the same level from the previous week. 26% fewer listings week over week created increased competition which resulted in an increase to 74% of available properties selling at or above the list price. With more sales than listings happening in the east and west core, and a near even ratio in the central core,  the current supply of properties sits at a mere 1.1 months. 


If you thought shifting your dreams of home ownership to the condo market would make life easier, be prepared for a little disappointment. Throughout 2016 we watched as competition for resale condos increase dramatically from about 16% of all condos selling at or above the list price at the beginning of the year to over 40% by December. January 2017 has not shown any relief. In fact, while last week’s numbers showed that 55% of condos sold in multiple offers, this week that numbwer has skyrocketed to 65% thanks in part to a 42% reduction in new resale condos coming to market.


The resale condo market is experiencing similarities to its freehold brother. New listings for the week are down nearly 50% to 189 across the 416 while sales have increased by nearly 30%. Tighter supply and more sales has constricted the market and now we are reporting a new record in terms of sales at or over the list price. While the percentage has been tracking higher all year, our research indicates we are now hovering at 55%. Clearly, we are in a seller’s market for condos in Toronto.

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New featured property at 129 Queensdale AVE in Toronto.
Fantastic Semi-Detached Dwelling Situated In Family Friendly Danforth Village. Just Minutes Away From Subway, Shops And Fabulous Restaurants. Enjoy The Open Character Design With New Gourmet Kitchen With Quartz Counter Tops, S/S Appliances And Walk Out To Private South Facing Rear Yard And Deck. Hardwood Flooring Throughout, 2nd Level Two Oversized Bedrooms And Updated Bath Roof 2012, Hi Eff Furnace 2012, Drains 2014, Roughed In 3Pc In Basement.
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