Corinne McCabe , Broker

This Fall has not been kind to our city. First, the Blue Jays got knocked out of the playoffs, then the Federal Government introduced tighter mortgage regulations. It was nothing more than a one-two punch to the stomach. But hey, we’ve been down this road before and if any place can be resilient in the face of adversity you know it’s Toronto. We just get back up, dust ourselves off and get back to business.

Clearly, homeowners aren’t terribly concerned about the market these days. Yes, listings went up last week by 26.5% and while sales remained consistent with the previous week, activity was much stronger as nearly 78% of homes sold at or above the list price. That is the highest level of activity since the Spring market of 2016. Still, the sweet spot for downtown Toronto remains as single-family homes in the $700k-$1.5M range. The notable slow spot last week was the ultra, high-end home ($3+m) that only recorded 8 sales last week compared to 18 the previous week.

The condo market had another stellar week with a modest 8.1% increase in the number of new listings to just shy of 400 units. While sales tapered off by a negligible 3.5% excitement in the condo market reached a new record with 47.1% of all sales last week trading at or above the list price. Nowhere is competition more fierce than in the east core where 14 out of the 16 sales that took place received multiple offers. 

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.

Ah September. Our favourite month. It’s not just the hot days and cool nights, or the pennant race or even the fact that pro football is back. For us, September means more listing and sales activity and after a traditionally slower August, it’s time to open the floodgates of new property inventory. It’s not a minute too soon either. August inventory levels were challenging at best.

Have you ever turned on a hose and put your thumb on the end? As the pressure builds up it gets more difficult to contain the water. When you finally let go, the initial blast is really strong. That pretty much sums up the market this month. Listings have slowly been increasing, including a 16.8% increase last week. This was hot on the heels of a 41% increase in listings the week before thereby causing a significant rise in reported sales. More choice generally means the number of multiple offers decreases, however pent up demand has counteracted that theory and as a result we saw a 10% increase in sales at or above the list price (to 72.8%).

After a brief spike a few weeks ago, it seems that listings have tailed off a bit last week, decreasing by 15.8%. It is interesting to note that in the central core, listings are decreasing in the $400-$700k category while increasing in the $1.5- $3M range. Overall, demand is still very high across the 416 however and as a result of fewer listings we saw a 61% increase in sales over the same period with a record setting 44% of condos being traded at or above the list price.  

Parents Unite. We made it through the first week of school. Granted it was a short week but still... And while our minds shift from lazy days at the cottage sipping frosty beverages by the dock to the daily grind of school drop offs, after school programs and homework, one thing is for sure...the real estate market never sleeps. Sure it ebbs and flows but it is alive and well in the 416.

The freehold sector witnessed a 41% increase in new listings last week which clearly signaled the start of the fall market. As we have seen time and time again, there is a week long lag in sales as holdbacks to offer night afford ample opportunity to view homes. Last week was no surprise. Sales were lower than the previous week (mostly due to one less day of trading) even though almost 62% of the homes that did sell sold at or above the list price. The problem of low inventory becomes more recognizable when you consider that a year ago we had over twice as many listings and three times as many sales.

The condominium sector remains strong last week with a more modest 22.5% increase in new listings and while sales backed off by 68% (due mostly to the holiday Monday), we still recorded a healthy percentage of properties trading at or above the list price (35.6%). It was last year at this time that we started to see a noticeable shift in competition for condos when the percentage of sales at or above the list price started to trend above 20%. 

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.

Webster's Dictionary has two definitions for the word “drought”. The first is a long period of time during which there is very little or no rain and the second is a prolonged or chronic  shortage or lack of something expected or desired. Toronto, it seems suffers both. Not only has it been the driest summer in recent memory, we are also suffering through the longest listing drought on record. Maybe there is some good news on the horizon; It is bound to rain eventually and the fall market is closing in. The question is... will it be enough to quench our housing desires? 

The freehold sector reversed an earlier trend of increased listings by re - cording a slight 13.7% drop in available homes while also recording a 6% increase in sales. This was slightly lower that the sales target we predicted last week however competition for those homes was up.  Last  week  almost 67% of home transactions were at or above the list price. That number is 15% higher than for the same period last year despite having virtually the same number of sales. 

We love witnessing the condo market’ s continued success. Listings remain unchanged from the prior week yet sales backed off marginally (3.6%). Despite the slight reduction in the number of sales, over 40% of suites traded at or above the list price. If you really want to get a true picture of today’ s condo market in the 416 consider that one year ago there were 220 more listings than there were last week, 100 fewer sales and less than 17% of suites sold at or above the list price. 

No question about it, if you like it dry, hot and sunny then this has been the best summer ever. If you’ve lost out on multiple offers and are frustrated with the low inventory of homes then this has been the worst summer. While the weather is likely to cool, we don’t expect inventory levels to pick up significantly in the near future.

The freehold sector experienced a small uptick in the number of available homes coming to market last week while sales dwindled by about the same amount (38%). If history teaches us anything it’s that next week’s sales numbers will improve dramatically since most homes coming to market include an offer date a week or more in the future. Still, historically low inventory levels are driving up prices and producing multiple offers in nearly 62% of home transactions last week.

The condo sector continues its successful march. last week we registered a 19% increase in new listings while sales continue to hold steady with 282 suites sold in the 416. Overall, nearly 39% of all units that traded sold at or above the list price, the second highest percentage on record. The east core, representing Leslieville, Riverdale and the Beaches, certainly has fewer condo units available but competition for those units is the strongest with 6 out of 8 selling for more than the list price, and it seems that the bigger they are the more offers they are receiving.   

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, 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 on the true temperature of the real estate market.

It’s mid July and the first smell of a calmer real estate market is in the air. The kids are happily ensconced in camp, the roads are less congested, the Blue Jays are closing in on first place and you've got your new favourite book packed and ready to take to the cottage. This is what life in the big city is supposed to look like! Sure it's hot, but we are Torontonians. We can brush off the heat alerts faster than The Four Tenors can brush off a member of their troop.

The freehold sector has finally loosened up some of its grip on listings as last week there was a 27% increase of homes to choose from. Sales remained strong with 156 sales in the 416 and only 64.7% sold at or above asking. The hot spot for the week was the east core where there were 10 more sales than listings which boosted multiple offers to well over 75%. Sup-ply and demand dynamics remain firmly in place in Toronto. As a comparison, last year, for the same period, there were 34% more listings and 9% fewer sales (with a dreamy level of only 54% of homes selling at or above the list price).

The condo market continues to show its fortitude. Last week it recorded 592 new listings across the 416 compared to a staggering 750 at the same time last year. While listings are down, sales are up over 33% to 295 but what is really astonishing is the number of condos selling at or over the list price. Last year that number was 18.5% compared to 33.6% last week. Sales above the list price has not dipped below 30% since mid February of 2016.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, 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 report on the true temperature of the real estate market.

It’s hard to believe that we’ve hit the half way point of 2016 already. It seems like just yesterday we were celebrating the start of the spring market. Ah, those were heady times, buyers sat patietly waiting for the impending influx of new listings to satisfy a hungry desire for a place to call home. Well, months later, many of those same buyers are still waiting. New listings barely trickled to the market causing more multiple offers than ever before, not just on houses but condos as well.

It’s not unusual for listings to taper off before long weekends. The last thing anyone wants to do is hang around the city when all their friends are at the cottage. That explains the 46% decline in new listings last week. On the other hand, if you are determined to buy there is a slight chance that your buyer competition is also sitting by the dock somewhere. Clearly that was the thinking last week as sales only backed off by a marginal 17% and we still recorded 70% of homes trading at or above the list price.

Condo market buyers and sellers expressed a similar sentiment. Listings backed off by 25.5% while sales slipped by 19%. The condo market is still filling in the gaps left by the housing market as 35.5% of all condos sold happened at or above the list price. For a better understanding of how the market has performed consider that two years ago a mere 12% of condos sold in multiple offers.   

First we had Brexit and this week we have "schexit" also known as the last day of school (a unanimous vote to leave). For parents it means no more early morning rush to get the kids packed and out of the house. Traffic around the city gets a little lighter even with increased construction. But as we cruise into those hot summer months we have the opportunity to take a bit of a breather from our fast paced lives, take a trip out of town, enjoy some time sitting by the dock or under your favourite patio umbrella...unless you are trying to buy a house, in which case all bets are off.

The freehold sector remained relatively unchanged from the previous week. Listings were only down slightly while sales held the line. Competition for homes is still strong with three out of every four sales happening at or above the list price. While this is frustrating buyers across the 416 that same enthusiasm for home ownership is spreading throughout the province. We have seen multiple offers on homes in Markham, London, Barrie and even little island get-aways in Georgian Bay.  

Like the freehold market, the condominium sector is behaving in a similar manner. Listings are down a slight 1% and sales backed off only slightly. This seems in line with the historical trends as we enter the summer months. It is interesting to note that sales at or above the list price continue their scorching pace with a new record 43.1%. Bigger suites in the downtown core, particularly those in the $700k-$1.5m range are recieving the most attention with over half selling above the list price. In our opinion this is a clear indication of shifting trends in the residential market.

In real estate terms we call this time of the year the final push. It's that time for sellers to get into the market just before summer hits and thoughts turn to sipping beverages by the lake or taking the family on a summer adventure. Whatever your plans are, if you are a buyer, this is the time to consider getting into the market as new listings will tend to taper off over the next few months.

A 36% increase in new listings over the last week made a significant contribution to the choices that buyers had. New listings appeared equally across the 416 with a notable increase in the $700k-$1.5m price range. The first time buyer market, $400k-$700k continues to be tight across the downtown core although there seems to be a bit more choice in the west core. Despite the increase in new listings, sales have remained virtually unchanged yet of the 195 homes sold, 145 of them sold over asking (74.3%).

The condo market was a little less forthcoming in new listings last week, increasing available units by 14.5% to 614. While that seems like a large inventory it is important to recognize that sales also improved by over 6% and 38.2% of all transactions in the resale condominium sector happened at or above the list price. This continues to be the trend for 2016.

Low interest rates, immigration, shortage of housing. These are the “go to” topics used to describe Toronto’s housing dilemma. Frankly we are starting to sound like a broken record these days. The truth is that while these are sources of a frustrating market, they don’t tell the full story of Toronto’s great housing success. Simple demographic shifts in population mean that over the next 20 years more and more people will be moving to cities and Toronto is one of the top destinations on the global stage. For the foreseeable future this could be the new normal.

The freehold sector continues to tighten its grip on the market with a 34.4% decrease in new listings and a 46.2% increase in sales. Those two factors contribute to the perfect storm of price increases as nearly 75% of homes traded last week sold above the list price. It’s interesting to take a quick peek at the market from one year ago when we had nearly twice as many new listings and just marginally more sales for the same period. The truth is that federal policies can’t slow down Toronto’s speeding train of price appreciation. The simple solution is to add more housing to the existing stock. Change the balance, change the market.

The condominium sector is feeling the same intensity and pressure from lack of listings as the freehold market. Consider that active new listings have retreated by 8.2% over the last two weeks while sales have increased by 22.2%. In addition, we have hit the highest percentage of condos selling at or above the list price, now nearly 41%. In the central core’s $400k-$700k market nearly 50% of sales were in multiple offers and for the first time the ultra high end category (condos over $3m) are receiving multiple offers. 

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, 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 report on the true temperature of the real estate market.

It might be Friday the thirteenth, but this week the luck is all good, especially if you are a seller with a hot property to move. With the spring market in fully gear we are seeing a significant ramp up of new listings and, of course, the corresponding increase in sales. Inventory levels are still critically low which means that even those homes that would otherwise be considered “locationally challenged” are selling quickly.

The freehold market recorded a solid 15.7% increase in new listings last week. Normally we would say that this was just what the doctor ordered. Unfortunately, that increase was overshadowed by a nearly 19% increase in sales with a strong 79% selling at or above the list price, the highest level in 2016 so far. The majority of the new listing activity came in the central core, while the hottest area for sales was in the east with nearly 87% of homes selling at or above the list price.

The condo market had a spectacular week with a 6.4% increase in new listings, to 661, while sales rose by 8.9% to 318 suites. Nothing truly shows the pure strength of the condo market like the number of transactions that took place at or above the list price and last week we set a new record in the 416 recording a remarkable 37.4% of units sold. The hottest price point is the $700k to $1.5m across all core marketplaces which we recognize as a reaction to homebuyers being priced out of freehold homes.

Toronto's real estate market is hotter than the release of the new Drake album. Our recommendation is to get used to the "new normal" of low interest rates and tight supply. In our opinion, strong fundamentals for continued growth in the housing and condominium sector across the Greater Golden Horseshoe will continue for some time. 

With any luck the number of freehold listings should increase over the next few weeks, as is the typical spring tradition. Last week we saw a modest 7.7% increase in listings which paled in comparison to the 47% increase during the previous week however sales were off by nearly 12% which could be attributed to the number of holdbacks (a later date set for offer reviews) of properties listed the week before. Despite a lower number of sold homes, our research indicated that 71.1% sold at or above the asking price.

The condominium sector has the ability to confound us from time to time. last week we recorded a marginal 3% drop in new listings online and a 8.9% decline in sales. That would generally lead us to believe that pressure in this sector was easing off a bit however the key market indicator, sales at or above the list price, remains at close to an all-time high at 35%. No surprise that the hot price point of the condo market remains suites under $700,000 price point.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, 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 report on the true temperature of the real estate market.

We hate to add fuel to the flame of an already sizzling real estate market in Toronto, but if you aren`t keeping score on what`s been happening you are missing out on some very valuable information. For the last few years we`ve been keeping better track of the Toronto market than Sportsnet keeps track of Josh Donaldson`s batting average. But averages don`t tell the whole story...that`s where we come in. Giving you the lowdown based on the experiences of over 260 agents working in the 416!

Last week we reported that the number of new listings took a rather substantial dive. Well, this week listings are back up across the city by over 45% to 260 and are more in line with the previous few weeks. This is still well off the pace of last year`s 330 new listings. Not only is there a difference in the number of new listings but the makeup of those listings has changed dramatically too. Consider that we are recording a third fewer new listings in the entry level price range ($400k-$700k) while the number of $3m+ price range homes has increased by more than 25%. Sales have remained strong, lending further proof to the ongoing inventory issues. 75% of all homes sold in the 416 sold at or above the list price. Last year at this time we recorded a nearly identical number of sales yet with more choice there were fewer multiple offers, which aided in keeping the number of sold at or above the asking price to a more reasonable 68%.

Just 16% more suites came on line last week compared to a week earlier bringing availability levels to 637 units. While slightly off last year`s number of 707, the important statistic we are following is the number of sales. Last year we saw 260 sales with nearly 30% being sold at or above the list price. This year we have reached two new records; 318 units sold of which 35.8% sold at or above the list price. 

Houston, we have a problem. After the Season opener (no, not of the Toronto Blue Jays, we are talking about the spring real estate market) we welcomed the rise of new listings, both house and condo, coming on line. This was welcome relief to buyers who have been waiting on the sidelines to finally take the leap into home ownership. For three weeks in a row, new listings improved and, by natural process, sales improved as well. Then we hit a roadblock as new listings tapered off dramatically. We expect new listing levels to rise again but chronic supply issues may be the new normal for the Toronto real estate market.

The freehold sector produced some interesting revelations last week. While listings backed off by nearly 50%, sales across the 416 remained consistent with the previous week, as did the percentage of homes that sold over the asking price, 78%. Here are some interesting things we saw. First, four out of the ten homes sold in the $3M+ range in the central core had multiple offers. While that speaks directly to the health of the high-end market in the city, the entry level home ($400k-$700k) continues to be a challenge for first time buyers as 90% of homes sold in that range had multiple offers and sold over the asking price. 

The condominium market has showed its strength again last week. New listings dropped by 21.5% while sales increased by 17.9%. Sales at or above the list price came in at a near record 34.7%. This is the fifth week in a row where over one third of condos in the 416 sold at or above the list price. The statistic becomes more interesting when you look at the central core versus the east and west parts of the city. The central core has more choice but traditionally smaller suite sizes yet a full 33% of them are selling in multiple offers while the east and west sections, with less supply but bigger suites are attracting a much more robust 47% rate of sales at or above the list price. This is most likely due to a higher number of end-user purchases.

Its official...not only are the “Boys of Summer” back in town but Toronto’s spring market has officially kicked into high gear. There’s no denying that the process is exciting but, just like baseball, there are winners and losers. To win at real estate, you need an experienced agent on your side, waving you in from third base.   

After languishing at historically low listing levels, the freehold market took an 18.4% gain with a total of 277 new homes listed in the downtown core last week. Unfortunately the increased choice did not calm buyers as sales climbed by a remarkable 40.4% with nearly 79% of homes selling at or above the list price. In the east core, there were more sales than listings while the west core actually recorded fewer new listings on the market but a weekly increase in sales.

The condo market continues its torrid pace with a slight 6.2% rise in new listings and a 3.2% increase in sales. For the fourth week in a row, sales of condos sold at or above the list price continues to track above the 30% mark coming in at 31.5%. The central core traditionally has more sales and listings purely due to a higher concentration of condominium buildings but the east and west cores, with larger and more affordable suites, have similar demands in all but the higher price ranges ($1.5M plus). 

The date may say April 1st, but let us be clear...there is no joke about the Toronto real estate market. Hold tight, the spring market, the season of multiple offers , is upon us. Buying a property these days requires nerves of steel and a determined constitution. For the next few months  media outlets will be sharing stories of stunning wins and colossal losses. Get ready for Toronto's own version of "Game of Homes".

Last week new freehold listings  jumped to their highest level since November 2015 recording a dramatic rise of 49% over the previous week.  With 234 new homes to choose from, buyers are coming out of their long winter slumber. Our downtown office reported that over 300 people showed up over the weekend to look at a home in the downtown west core.  Sales are up as well with a 22% increase over the previous week. Generally there is a lag between a sharp increase in listings and the corresponding increase in sales due to sellers pushing back offer nights by a week to allow maximum exposure to the market. The percentage of homes sold at or over the list price has been consistent, hovering in the 60-65% range.

The condo market continues to build on its successes. Like its freehold counterpart, listings have improved but by a much more modest 16%. Still,  that translates to a near record 628 suites. Most of that increase has come from the mid-entry level market ($400k-$700k) in the central core. Sales have increased by 20% over the past week with a remarkable 40% of condos in the central core's  $400-$700k range selling at or over the list price. Overall, we have reached a record high 35% of condos across the downtown core selling at or above the list price.

Last week was a repeat of last year where we had the perfect storm of back-to-back holidays. First there was March Break followed closely by Easter long weekend. Not surprisingly, these events play havoc with an otherwise busy Toronto real estate market. It’s a tospy-turvy world out there but with no holidays for the foreseeable future we should see more predictable increases in listings and strong sales in the downtown core. And there’s even more good news...Summer is just around the corner!

It’s no big surprise that freehold listings are down, but there is a silver lining in that cloud. Last week we were only off by 14.6% compared to the same period last year when we saw an almost 45% decline in new listings. So, while the percentage drop is much better we still have fewer new listings overall for buyers to choose from. Sales remain strong with roughly 60% of all homes selling at or above the list price - where we saw 70% or more of available homes selling over asking in 2015. This year that number has stayed consistently in the 60% range. We believe this is more likely as a result of a higher list price and the fact that buyers are looking for other options, like condos. 

There is no question that the success of the condominium sector is being driven by frustrated house buyers. The percentage of sales at or over the list price continues to track in the 30%+ range compared to the teens and low 20’s of a year ago. Last week’s 32.3% rate seems surprising when you consider the usual holiday slowdown.  The condo hotspots include the $400k-$700k range in the central core and the $200k-$400k range in both the east and west core. 

Knock-knock. Who's there? Scarce listings. Scarce listings who? Scarce listings are causing multiple offers and sharp price increases. Ok, so we are missing the usual snappy opening this week but the lack of available listings has us, and our buyer clients, in a bit of a bad mood. Even with near record low inventory levels, sales have been extremely brisk. The frenzy of activity isn't just localized in the downtown core either. As the Globe and Mail recently reported, suburban homes across the GTA are experiencing a similar fate. The trifecta of low interest rates, strong employment and immigration are driving accelerated price growth across the region. As the Globe reports 'nearly half of all job growth and 75% of immigration' is happening in the 905.

Available freehold listings dropped 35% last week, falling to a 3 week low. Sales however have remained strong, improving by 7.8%. Fewer homes on the market and strong demand has led to a 10% increase in multiple offers over the week, to 69.3%. This was most noticeable in the $700k to $1.5m price range in the east and west core where a remarkable 90% of homes sold over asking. Our view is that month over month price gains will continue to cruise at double digit rates for the foreseeable future.

We believe that the condo sector may have finally come to the realization that its value lies more with end users who were unable to buy freehold homes. Despite an almost 16% decline in listings across the 416, sales have continued to strengthen registering a 3% increase over the previous week. The outstanding factor that proves the condo market's health has to be the percentage of sales at or above the list price, currently sitting at 34%, the highest percentage ever.

Welcome to the Oscar Edition of the weekly Bosley Market Insight. Last week, like a true Cinderella story, the spring market kicked into high gear with more strength than double-sided tape in an Oscar dress. Clearly The Force Awakens thanks to a strong increase in The Revenant listings. Unless you’ve been living like The Martian or happen to be Straight Outta Compton you probably have missed the fact that the real estate market is under The Spotlight at this time of year. We would be remiss not to welcome back those who have been sitting on the sidelines, especially those living in a Room on Fury Road. So it gives us great Joy to give you the latest news.

After an absence of several weeks, freehold resale listings are starting to move in a positive direction, increasing by 32.1% last week. The sweet spot for new listings across the entire core of the city is in the $700k to $1.5m range which increased nearly 60%, while sales in this category also saw tremendous activity, jumping 83%. What is interesting to note about the market is that cooler heads tend to prevail with only 60% of sales being recorded at or above the list price (compared to 76% a year ago).

The condo sector continues its positive momentum as well. Resale listings improved 21.8% last week, primarily in the central core, while sales increased by 33.5%. The majority of listings (45%) and sales (49%) fell into the $400k to $700k price range. This tends to be the price range where freehold home buyers are finding success in the search for their first home. Overall, the health of the condo market rests in the number of units selling at or above the list price. Last week that number was 25.1%.

There is no question in our minds that the mild winter has moved the spring market well into February. One problem still exists however...Sellers didn't get the memo. Like most of last year we continue to struggle with low inventories, a situation that has many puzzled. There is some strength to the arguement that economic uncertainty plays a part in the lack of listings but that seems to be a national concern rather than a local issue. Affordability seems more likely as the culprit within the freehold sector, as the average home across the GTA has increased over $100,000 in the last year.

Despite a continued increase of listings over the last few weeks it is important to note that overall listings for freehold homes are down significantly from last year at this time despite the influences of a brutal winter of polar vortexes.  Sales are marginally higher than a year ago but the percentage of sales at or over the list price is somewhat lower hinting at the idea that while inventories are down, listing prices are generally being set closer to market value. One notable market segment is the $700K-$1.5M segment in the central core where last week all sixteen sales sold above the list price.

We believe the condominium sector is filling in the gaps left by an ever appreciating freehold market. While listing inventory levels are similar to those recorded one year ago it is clear, by the 22% increase in sales, that the downtown core is seeing a Manhattanization of the housing stock. Increasing demand continues to push condo values higher as well as the number of suites selling at or over the list price (now sitting at 29.1% compared to 13.7% a year ago).

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, 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 report on the true temperature of the real estate market.