Corinne McCabe , Broker

The Toronto real estate market has had a sluggish start with slim listings and hesitant buyers. Generally speaking January is a slow month for new listings, but the demand is high and now that most of the snow has melted it is time to start seeing "For sale "signs popping up. Sales have dipped 6 percent in the first half of January in the GTA area compared to the same period last year. It seems the overall market is affected because of the 12 percent drop in condo sales so far in January compared to the same time last year.

In the freehold sector listings continue to be a source of concern. A year ago there were 251 new listings compared to just 209 this year. The good news is there were more sales posted this week up by almost 34 percent compared to the previous week. As we continue, the hope is more Sellers will come to market soon and not wait until March. The demand is strong thanks to a robust economy. The condo sector has seen more listings come to market. Last week we had 190 new listings compared to 146 the week before. We also have seen a jump in sales

by 25 percent week over week. The condo rental market is a blazing hot segment in Toronto's downtown core. Because there is a lack of inventory the concept of "holding offers" has moved over to the rental market. A record 27,200 condo apartments were leased through MLS in the GTA in 2017, up 1 percent from 2016. Agents say the multiple bids blind auction has become one of the features in the tight rental market.

Cold weather getting you down? Salt stains on your boots? Down in the dumps at your desk? January 15th - Blue Monday, is supposedly the most depressing day of the year. Yup, Christmas is really over and the realization of all the money we've spent and the fact most of us are back at work makes us blue. But you can feel the market is starting to come alive this week. New listings are slowly coming to market, but the feeling is Sellers and Buyers seem to be doing the "let's wait and see" dance.

Looking at the sales figures for the freehold sector compared to last year, the number of sales and listings so far this month is nearly identical except for the west end where there were 10 percent more listings last year. What few listings in the freehold market we have seen come to market this month the multiple offer trend is happening once again.

The number of new resale condos in the downtown core is lower this month by 40 percent compared to the same time last year, but the demand is overwhelming for condos priced in the $350K to $400K range. News of a condo receiving 22 offers this week in Liberty Village could mean a shift in the market as buyers and sellers take advantage of the price difference between condo units and freehold. The average price for a condo in the core was $532,700 at the end of December.

Bosley has opened a new office in Cambridge which can service all areas from Hamilton, Kitchener/Waterloo, Wellington County, Georgetown and all the way to Guelph.

Happy New Year ...... So the year begins. Let's sum up the market for 2017.

• GTA realtors reported 92,394 sales through Treb's MLS- down 18.3 percent compared to (113,133) the record set in 2016

• Record sales in Ql were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan was announced.

• The average selling price for 2017 was $822,681- up 12.7 percent compared to 2016.

• The "stress" test was introduced in October causing a rush of new listings and sales for November and December.

There is no doubt that the new mortgage rules will impact the purchasing power of buyers in the resale market, pushing everyone down a rung on the property ladder.

Because of the housing bubble in the first quarter of 2017, this year will be a year of data misrepresentation. Any comparison to that bubbly time will make 2018 look bad. The media likes to report comparable data without providing context and the word "crash" might be thrown around liberally.

As for foreign buyers, they still view Canada as a very safe place to put their money, and many other foreign buyers are buying for their children when they attend University here, or for themselves based on a planned future move here.

The condominium resale market we expect to still be robust this year, with asking prices topping $1000 per square feet. The average price for a condo was close to $550,000 for the City of Toronto, up 15 percent compared to 2016.

Many investors still view Toronto condos as great long- term investments, but higher interest rates, rent control, and mortgage rule changes, might leave investors hesitant to buy.

It has only been a couple of weeks into the new year so its difficult to predict what will happen. With all the new rules taking effect this year some buyers and sellers are reluctant to make a move. The waiting game begins!

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake 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.