Corinne McCabe , Broker

Inquiring minds want to know if rising interest rates are having an impact on housing activity in Toronto? Frankly we are as curious as the next guy but as it stands now, we have not seen much change. Overall activity in the 416 continues to be strong as demonstrated by multiple offers and rising prices across every category of shelter. Generally, mortgage rates tend to rise when the economy is growing, the job market is healthy and wages are rising. With two months left in 2018 there is still plenty of transactions on the horizon and our research shows there are plenty of buyers waiting for the perfect home.

The freehold sector did not see much change in the number of new listings last week. Tight supply has been the ongoing story for most of the year. The number of recorded sales however was only down by 11%. Homes trading at or above the list price is at a very respectable 53%, well within the range we have seen for a strong fall market.

The condo sector is experiencing similar traits and did not see an increase in new listings last week with only 293 listed. Though sales were down by 22%, overall sales activity remains brisk with 48% of condos selling at or above the asking price. The hot spot of the week was the $400k - $700k segment in the central core where more than 50% of the units sold at or above the list price.

Ah September. Just as we predicted, and the fall real estate market is off! The floodgates are open and new listings are finally coming to market. The question again is do you list low and create a bidding war or list at where you think it will sell? If you ask the agents you will get mixed reviews. But if you look at the statistics the way to go is to list low. A property in the west end that was listed for $899,000 sold in 2 days. They had over 80 booked showings and generated 4 bully offers and sold for $1,410,000! Was it priced too low? We say yes. So now that

house has set a precedent for pricing. It is encouraging to see a continued resurgence in the demand for ownership housing.

New listings in the freehold sector were up last week 15% from the week before, but the sold listings were up by an astonishing 127%. These were all the properties that had come on the market right after Labour Day. Supply and demand economics propelled 59% of sales sold at or above the list price. Not surprising, homes priced in the $700K to $1.SM range were in demand the most with 46 out of 69 homes selling over the asking price.

The condominium market performed similarly to the freehold market last week with only a 3% increase in new listings, to 275 units throughout the core. Sales improved by 73% from the previous week, and the activity continues to be strong with 55% of condos selling at or above the list price, and the majority of those sold were under $700,000.

No question this has been a hot, hot summer and some long periods of drought. The Toronto real estate market is also suffering through a long period of listing drought. "The annual rate of sales growth out-paced the annual rate of new listings. We only have slightly more than two-and-a-half months of inventory in the TREB market as a whole, and less than two months of inventory in the City of Toronto. This means that despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from lack of inventory. This could present a problem if demand continues to accelerate over the next year, which is expected. Jason Mercer- Director of market analysis TREB.

The good news out today from TREB were the monthly resale housing figures for August. In the GTA there were 6,839 sales reported in August- an 8.5% increase compared to August 2017. The average sale price for the City of Toronto was $785,223 - up by 8.4% from August 2017. Sales of detached homes in particular, continued to show signs of improvement after a week start to the year with a 12.3% jump in sales in the City of Toronto, to an average price of $1.244,275. The tight market conditions contributed to a strong August. The gains are a sign that buyers who were waiting on the sidelines have renewed their search for buying a home.

The condominium market which has been the region's strongest sector over the past months also rose 6.4% to an average price of $585,355 for the City of Toronto, but sales were down by 5.6%. After three months of continued growth the Toronto real estate market is signalling that that it's coming back to life after a weak first half of the year.

So, the battle is over and the Toronto Real Estate Board's request to appeal a dispute with the Competition Bureau has been declined by the Supreme Court of Canada. TREB has maintained that releasing the previous sold prices violates client privacy and its own copyright over the information. TREB will have 60 days to conform. TREB believes personal information of home buyers and sellers must continue to be safely used and disclosed in a manner that respects privacy interests and will be studying the required next steps. "By removing TREB's anti­competitive restrictions, home buyers and sellers in the GTA will now have greater access to information and innovative real estate services when making one of the most significant financial decisions of their lives." Commissioner Matthew Boswell

The Toronto real estate market is a little sleepy these days. With only two weekends left before its back to school, buyers are taking a time-out to enjoy what's left of summer. Agents say many homeowners are gearing up to list in September. Lots of potential sellers were discouraged from listing in the spring as buyers struggled with tighter mortgage rules and rising interest rates.

Last week in the freehold sector the number of new listings saw no change from the previous week, but there was a 33% increase in sold properties, and of those 41% sold at or above the asking price.

The resale condo market sector is following the same trends. New listings were the same as the previous week, but sales have climbed by nearly 45% and the number of condos sold at or above asking was still at still at a healthy 41%.

June is the first month since the pre-fevered market that we are now seeing signs of a new normal real estate market! For the first time in a year we are seeing the average sale price for The City of Toronto exceed last year's prices. In June the average sale price came in at $870,559 a 5% increase compared to the $829,479 average sale price last year. Supply and demand will continue to play significant roles going forward. It is troubling to see that the number of new listings coming to market is still down. In June Toronto saw 5,243 new listings compared to 6,295 last year. That's a 16% decline. June's results are encouraging; however, declining new inventory is a concern headed to the second half of 2018.

It's easy to see the freehold sector shifting into summer mode. Listings were up slightly over the previous week with the east end up by 33%, but sales were dramatically down with 50% fewer sales last week in all areas of the city. The biggest decline was in the east end where properties in the $700-$1.5m saw a 65% decline in sales from the week before. Chances are buyers are sitting on a dock somewhere up north, but we still recorded 56% of homes traded at or above the list price.

Condo market buyers and sellers expressed a similar sentiment. Listings were up by 44% while sales backed off 36% from the previous week. The condo market is still filling in the gaps left by the housing market as 45% of all sold condos happened at or above the list price. A new interest hike of .25 basis points was announced this week by the Bank of Canada. The rate hike is in reaction to a healthy Canadian economy. The overall impact of the rate hike will be modest for consumers.

Hard to believe we are almost half way through 2018. If that thought is depressing just psych yourself up for the best is yet to come. Sunshine and heat waves are in our future for the next few months, but are there signs that Toronto's real estate market has backed off slightly from the frantic pace that was the Spring market? Inventory levels are becoming a concern, particularly in the City of Toronto. The number of new listings this year compared to last year is 25% less, and that represents a pattern that has been emerging. Declining inventory will lead to rising prices and active competition for good properties in desirable neighbourhoods. We know the market is different this year but as the old saying goes .... nothing is as constant as change.

Case in point, the number of new freehold listings was up by 10% but the number of sales last week were down by 16%. With more listings coming to market why are we not seeing the sales? Are we seeing buyer fatigue already? The price range of $700 to $1.SM is again the most popular price range. Of the 92 properties that sold in that price range, 65 of them sold at or above the asking price. That's 62%!

Similar to the freehold market, the number of new condo listings was up by 12% last week and the number of sales were down by 10%. The hottest price point last week was the $400K-$700K sector in the central core where 58% of the condos sold at or above the list price. This is a strong indicator that the condo market is extremely healthy.

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

Queen Victoria's birthday is behind us now and that means the activity is gearing up for the final push for the spring market before summer sets in and trekking to the cottage begins. It seems the spring weather never happened. We went from miserable rainy days to this weeks above average temperatures. The number of new listings this week should be on the rise but let's see next week how many of those will receive multiple offers. Every year it's the same story. Homeowners often prefer to wait for the flowers and trees to blossom before they list their homes for sale. Buyers will have more choice now!

Last week in the freehold market sellers were still holding back obviously waiting for the long weekend to come and go. New listings were down 23% from the previous week. We are reading in the news that people don't want to sell their existing properties because they worry it will be difficult to find their next house or condo, so they want to buy first before selling and that has been a challenge with fewer listings this year. The number of sold properties also dropped by 9% last week but a strong 70% sold at or above the list price.

The number of new condo listings was down while demand and sales had no change from the week before. There were 40% fewer listings week over week creating increased competition which resulted in 58% of available condos selling over the asking price. While the number of new listings has remained stable in the east and west, the noticeable drop is in the central core, proving once again that demand still exists for central condos.

The media is at it again this week with grim news that the "Housing market stumbles in spring". Yes, we know the number of sales is down if we compare it to last years figures, but that is nothing new. Sales in the GTA have been down over the past year following a market correction that began last May, long before the stress-test rules were in place. But on a month-over-month basis, The GTA market has been stabilizing this year, with sales down just 1% in April compared to March on a seasonally adjusted basis. One of the factors in declining sales nationally has been a reduction in new homes listed for sale as sellers have sat on the sidelines waiting for the markets to strengthen. A decline in new listings has helped keep prices relatively stable even as the volume of sales has declined.

An impending long weekend has a natural cooling effect on the market with the freehold sector remaining relatively unchanged from the previous week, however sales were up 13% and competition for homes is still strong with an average 66% selling at or above the list price. Once again, the east end of the city (Riverdale and Leslieville) remain the hot spots. Properties in the $700K to $1.SM price range saw plenty of multiples and of those sold 76% sold at or over the asking price.

If you thought shifting your dreams of home ownership to the condo market would make life easier, you might be a little disappointed. This year we have watched as competition for resale condos increased dramatically. Last week the number of sold condos was up by 12% and of those sold 55% sold at or above the list price. Clearly, it's a seller's market for condos in Toronto. It was also great to see a 20% influx of new condos come to market last week with 425 new listings.

"April showers bring May flowers" It's May and it's finally warm and everyone is smiling. And yea the Raptors are in the second round of playoffs. With the spring market in full swing we are seeing a ramp up of new listings. The Toronto Real Estate board released the April monthly figures and it sounds all gloomy. That's because the stats include the entire GTA and the reported number of sales is down and so is the average sale price. But the good news is that the average sale price for the City of Toronto is up again!

January: $766,616  February: $806,494  March: $817,642  April: $865,817

The freehold market recorded a 40% increase in new listings last week, but as the Spring market hits its stride this increase is considered low. The new listings were spread out over all areas of the city. Sales have remained identical to the week before, but competition was fierce with nearly 55% of properties selling at or over the list price. A good house, well priced, staged nicely and given enough time on the market should generate upwards of 5 or more offers depending on location, price and condition.

Condominiums have remained the strongest market statement in Toronto as buyers continue to favour the lowest-price housing option. Last week new listings increased 15% while sales saw a modest 5% gain. 204 condos traded last week up from 198 the week before. The most active category was the $400 to $700 price point in the central core with 50% of condos selling at or above the list price. Even though mortgage rates went up this week the condo market is still fueled with would-be house purchasers unable to enter the freehold market.

Woohoo the spring market is heating up! The media headlines are all positive news that the Toronto-area and GTA real estate market is showing signs of a spring rebound and the recent strength in price marks the start of a new upward trend. Even if the volume of transactions remains relatively low in the Toronto area, demand is building. The right properties in desirable neighbourhoods are attracting multiple offers, while still allowing room for negotiation. The market's going to do a bit better than most people are expecting. All those waiting for a slow down, you might be waiting for awhile!

Recent changes to mortgage regulations are fueling demand for lower-priced homes while shrinking the pool of qualified buyers for higher-priced homes and that finds the $700,000 to $1.S million price range extremely competitive. Last week the number of freehold properties sold was up 54% from the week before and again Riverdale and Leslieville are the hot spots with 83% of properties selling above the asking price. There is no slowdown to neighbourhoods in the west end such as Wallace Emerson and Dufferin Grove where 75% of the sales happened in multiple offers. Sales remained strong in the central core which saw 47 properties sell in the $1,500,000 to $3,000,000 up by 70%, a huge jump from last week.

The downtown condo market is still insane. It seems downtown condos offer a lifestyle that buyers want. They want to be within walking distance to work or a short transit ride, and they're still willing to pay top dollar. Multiple offers and over-asking prices are the norm, but supply is an issue for condos. Last week we saw 175 condos sold, up 25% from the week before and of those sold 51% sold over the asking price. The number of new listings was slightly down by 13%.

Friday the 13th is generally believed to be a bad luck day. With a potential ice storm this weekend it might be bad luck. Old man winter just won't go away. When are we going to put away our coats and let the sunshine warm our bodies?
Well, as with any spring market the tide is turning slowly on the inventory problems. Market watchers are seeing signs, that sales in the GTA are starting to take off after a year of volatility. Freehold listings increased to 243 units in the core, nearly 128% higher than the previous week while condo listings increased by 353 units (or an 85% increase) over the same period.

We can hear home buyers breathe a sigh of relief as listings spiked as soon as the Easter holiday weekend wrapped up. Unfortunately, the number of freehold properties that sold was down by 33% week over week. It could be that offer night for all the new listings take place a week later. Bidding wars are still erupting, and buyers are once again flinging around jaw-dropping amounts above asking prices. It's not uncommon to see a property sell for $300,000 over the asking price and in the east end (E01) that is a common occurrence.

The condo market last week saw a huge influx of new listings but the number of sold units was down 22% from the previous week. Finding a condo to rent in Toronto made headline news this week. The average monthly rent surged 10.7% in the first quarter from a year earlier to $2,206. Part of the reason is simple supply and demand or the fact that to buy an average priced ($590,000) resale condo in Toronto, you have to make an average annual income of $100,000, up from $77,000 a year earlier.

Good bye March. Welcome warm weather, spring flowers, sunshine and more listings! The March real estate stats were released this week and when we add in the GTA figures it sounds like the real estate market is crashing. Not so.

AVERAGE SALE PRICE FOR TORONTO (2018): JANUARY - $766,616  |  FEBRUARY - $806,494  |  MARCH - $817,642

With three consecutive months of increase, house prices in the Toronto area continue to show signs of stabilizing, fueling predictions the city will continue to see stronger growth in the second half of 2018. The new mortgage qualifications rules do not appear to have had a major impact on the average monthly prices in the first three months this year. Toronto has seen a dramatic drop (down 34%) in the number of sales from last year. Last year we had less than a month of inventory versus this year with inventory ranging between two and three months.

Last week was a short week with Good Friday and Easter, therefore the number of new freehold listings was substantially down 49% compared to the week before. That being said, the number of sales were up 20% and of those sold, 75% sold over the asking price.

It was a similar market in the resale condo sector. Listings were down 33% from the week before but sales were slightly up by 10%, and 55% sold over asking.

AVERAGE CONDO PRICE FOR TORONTO (2018): JANUARY - $543,279  |  FEBRUARY - $570,275  |  MARCH - $590,184

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