Corinne McCabe , Broker

Bosley Real Estate Ltd., Brokerage

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

 

Ready, set, go! Spring has sprung. This weekend approaching is Easter, and millions of people will delve into delicious chocolate eggs, head to church, participate in egg hunts and be thankful for the arrival of spring. Agents are all gearing up to see what happens next week. The holidays will all be over and with warmer weather and sunny days, hopefully the tides will turn on the inventory problems and the spring market will be underway!


The freehold market saw a whopping 120% increase in new listings last week throughout all neighbourhoods in Toronto. Again, it's the price range between $700,000 and $1,500,000 that dominates, although there were 17 new listings in the central core that were listed over $3 million. The number of sold properties was up by 20% week over week and of those properties sold, 43% sold over the asking price. The east end of Toronto E0l, E02, and E03 has had the most sales. E0l has consistently been leading in all neighbourhood this year with 107% list to sell ratio.


A similar market exists in the resale condominium sector. Listings were up last week by 20% and the biggest jump happened in the central core's first-time buyer's price range of condos listed between $400K and $700K. Sales were down by 18% last week, but its interesting to note that multiple offers are on the rise. Last week 46% of condos sold in multiple offers.

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This property has SOLD at 2708 100 Upper Madison AVE in Toronto.
Breathtaking, Sw View From This Rarely Available '08 Unit In The Elegant Madison Centre Residences. Expansive 1365 Sq Ft Has 2 Large Bdrms W/Desirable Split Floor Plan, 2 Bathrooms, An Abundance Of Closet Space & The Entire Unit Has Been Thoughtfully Renovated W/ Exquisite Taste. Many Building Amenities, Steps To Shops, Restaurants & Underground Subway Access To Re-Open Soon! Nothing To Do But Move In & Watch The Sunset From Your Beautiful Panoramic View.
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New featured property at 202 Heward AVE in Toronto.
Stunning, Wide & Detached 4 Unit Home On One Of The Best Streets In Leslieville W/ 2 Car Parking! Character Filled W/ Gorgeous Antique Rads & 2 Fireplaces (Not Operational), Lots Of Light, Shared Back Storage Shed & Lovely Maintained Gardens. Steps From Queen St E. & All Amenities It Provides. Units Have Been Tastefully Renovated & Many Upgrades Done To The House Over The Last 10 Years. Fabulous Tenants All Wish To Stay. Income & Expense Sheet & Available.
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New featured property at 2708 100 Upper Madison AVE in Toronto.
Breathtaking, Sw View From This Rarely Available '08 Unit In The Elegant Madison Centre Residences. Expansive 1365 Sq Ft Has 2 Large Bdrms W/Desirable Split Floor Plan, 2 Bathrooms, An Abundance Of Closet Space & The Entire Unit Has Been Thoughtfully Renovated W/ Exquisite Taste. Many Building Amenities, Steps To Shops, Restaurants & Underground Subway Access To Re-Open Soon! Nothing To Do But Move In & Watch The Sunset From Your Beautiful Panoramic View.
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"Home prices dip 12% as sales fall " Toronto Star - Wednesday March 7th, 2018


"Toronto housing prices edge up smartly in February" The Globe and Mail – Wednesday March 7th, 2018


Anyone reading the news will surely be confused by what the media has to say about the real estate market these days. So, what is really going on? The average price for a home in the City of Toronto is $806,494, climbing more than 5% from last month, as well as condo prices rising 5% to an average of $570,275. What the media doesn't tell you is the frenzy with bidding wars on both homes and condos. A property in midtown had 25 offers last week selling for $500,000 over the asking price. A condo downtown had 14 offers and sold for $105,000 over the asking. We cannot compare the market to last year's frenzy. Agents are busy, open houses are jammed and buyers are looking to buy. The supply is not there. As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up.


As the days are getting longer we begin to see more freehold listings come to market, up 30% from the prior week. The east end listings doubled from the week before and the frenzy of sold properties saw 77% of them sell over the asking. E0l was the hot spot. The west end was also busy with listings up 35% and of all the properties that sold 66% sold over asking.


The condo market is not showing any signs of slowing. Many condos are drawing multiple offers and it seems the new normal for condos is almost $1000 PSF. Overall listings were up 37% and the central core saw 235 new listings come to market. The sold numbers are steady week to week and of those condos sold 57% sold over asking.

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This property has SOLD at 81 Coleman AVE in Toronto.

Sweet sun soaked serenity - steps to the subway and the go train! This home has charm and character and is filled with love, from the little free library on the front lawn through to the certified "wildlife friendly habitat" back garden, you may never want to leave. 9 foot ceilings on the main floor emphasize the spaciousness of the rooms, hardwood flooring from top to bottom reflects the light and adds to the open and airy feeling of the house. Yet there are still some lovely little spaces to tuck up in, the heated and enclosed front porch, or the breakfast nook with wall to wall windows provide little sanctuaries - as if you would need them!

The second floor bathroom is sumptuous and spacious, with a glass shower, separate soaker tub, and double sinks....oh yes, and a heated floor! The bedrooms are large and designed with a wonderful, playful and inventive use of space.

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Should you list low and generate multiple offers, or should you list the property at what you think its worth? That seems to be a popular question in the office this week. There are many factors to take into consideration. The location, the condition of the property, and the price point. When you look at new listings coming out at least eight out of 10 properties have an offer date. What we are not seeing as much these days are bully offers. Buyers seem to be a bit cautious and would rather wait. After much discussion it comes down to the agent and the Seller making the decision.


There was a big sigh of relief as more listings came to market across the 416. The downtown core saw freehold listings jump by 60 percent compared to the week before and the $1.5M to $3M price range saw the biggest increase with 43 new listings. The east end continues to be a hot area with listings up 40 percent. Overall sold properties were slightly down by 10 percent from the prior week. The market for homes in central Toronto, especially for properties up to $1 million is still quite competitive. Of the homes sold, 55 percent sold over the asking price.


Condominiums have followed suit with a rise in listings by 17 percent from the previous week. Even though listings were up the number of sold condos was down by 10 percent across the city. Of those recorded sales, 44 percent sold at or over the list price. It seems buyers may have a different mindset this year, because sales are slower but values still remain lofty.a different mindset this year, because sales are slower but values still remain lofty.

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