Corinne McCabe , Broker

Today we welcome summer, the longest day of the year! Back in the good old days of real estate Realtors would work hard up until the end of June and then they would take it easy for the summer months, as did the buyers. Over the past few years the Spring market has lasted well into summer with usually just a short break in the dog days of August. This year is no different. Listings may have slowed somewhat but the activity and the sales are still going strong. We think because of the weather not feeling HOT just yet, buyers are still attending open houses in droves and competing in bidding wars for that “perfect” home.

The freehold market has reversed its month-long trend by recording nearly 13% fewer listings last week. The sales have remained unchanged week-over-week but the number of properties that sold at or above the asking price was up to 62%, substantially higher than the previous weeks. This could be because inventory is lower and there is news in the media that mortgage rates might be are coming down which might be contributing to the bidding wars.

The condo market buyers and sellers expressed a similar sentiment. Listings were down slightly by 10% but sales were surprisingly up by 7% week-over-week. Increasing demand continues to push condo values higher. Of those recorded sales, 53% sold at or above the asking price. For most of this year the average sold-over-ask percentage has been anywhere between 48% to a high of 58% in the condo sector.

Raptors fever has descended upon Toronto! For the first time in the history of the Raptors franchise, WE THE NORTH are in the NBA finals ! GO Raptors Go !!! 

So back to real estate, as we expected the number of new listings to hit the MLS after the long weekend was innumerable. Buyers were waiting patiently for the impending influx of new listings to satisfy a hungry desire for a place to call home.

They now have choices. It was an interesting week with some listings receiving bully offers, some getting multiple offers and other properties we thought were priced to sell and did not get any offers. The question arises again as to “how do we price a property?” Now with more available listings should we price low or price at market value? It’s a mixed consensus when you ask around.

Freehold listings were WAY up by 59% from a week ago and the price range between $800K and $1.5M dominates. In the core of the city there were over 150 listings alone in that price range that were new. Sales were down last week by almost 40%, but again that is normal after a long weekend. And because of the fewer sales, the properties that sold at or above the asking price was only at 46%. That is a slight drop from the previous weeks.

The condo sector was a little different. New listings did not increase last week, and sales backed off by 28%. Of those condos sold 53% sold at or above the list price. The hottest price point again is the $400K to $700K across all core marketplaces which we recognize as a reaction to homebuyers being priced out of freehold homes.