Corinne McCabe , Broker

Two interesting news items piqued our interest last week. The first was that the Canadian Real Estate Association reported that  housing markets in Calgary and Edmonton had rebounded nicely, suggesting that uncertainty about the future of Alberta’s Oil industry may be easing. The second was that CMHC are taking steps to slow the market by hiking mortgage default insurance premiums for those buying with less than 10% down payment. These two events, while not related, speak to the continued health of Canada’s real estate market.

Freehold listings grew by a marginal 3% last week while sales backed off by 6%. The separation of more listings and fewer sales is in keeping with historic patterns as we transition from a hot spring market to a more subdued summer market. It also means that as demand cools we see fewer multiple offers. Considering that just a month ago over 72% of homes traded across Toronto’s core were sold in multiples we are now at a more reasonable 60% level.  The big surprise last week was the central core’s high end market where we saw 18 sales over $3m compared to 3 sales two weeks ago.

As for the condo market all we can say is that you’d better keep the playbook close because it’s hard to keep up. Following a jump of almost 11% in condo listings a few weeks ago, last week listings fell by almost 10% yet unit sales has remained virtually unchanged at 264 units. The number of suites selling at or above the list price is down to 22.3% compared to 24% a week earlier. This is the number we keep a keen eye on as it is a true indicator on the health of the condo market.

Hard to believe we are half way through 2015 already. If that thought is depressing, don’t forget that the best is yet to come. Sunshine and heat waves are in our future and while still sizzling, there are signs that Toronto’s real estate market has backed off from the frantic pace that was the Spring market. That should come as some relief to those sitting on the sidelines waiting for the right time to purchase a new home.

The freehold market has reversed its month long trend by recording nearly 11% fewer listings last week. Sales followed suit registering almost 15% fewer transactions and the percentage of homes selling at or above the list price was a more reasonable 67.7% compared to 72% a month ago. Clearly the effect of less product is not causing increased bidding wars. Sales of freehold homes continues to be robust but there is less urgency in the market. The hotspots last week were the east and west cores of the city where nearly 80% of entry level homes ($400K-$700K) sold in multiple offers.

Last week the condo sector increased new listings by nearly 11%, one of its largest increases this year. Sales however backed off by a marginal 6%. The end result of more listings and fewer sales meant that the number of suites selling in multiple offers also backed off to 24%. This is still a solid number and a strong indicator that the condo market is extremely healthy. This week the hotspot has shifted west where nearly half of condos sold in the west core sold in multiple offers.

Just when you think you have a handle on the market, something changes and you are forced to re-evaluate. Eventually there comes a point when you just have to strap yourself in and recognize that it’s next to impossible to predict what’s going on in Toronto’s real estate market. As the old saying goes….nothing is as constant as change.

Case in point, the number of new freehold listings. Last week new listings were WAY up, this week they’re down by 3%. In complete contradiction to that pattern, sales are WAY up by over 88% from a week ago. And while the percentage of homes selling in multiple offers was off last week (54.3%), it seems like we are returning to more aggressive territory with almost 70% of homes selling at or above the list price. The big surprise of the week has to be the high end market, homes listed above $3M, where we had a near record 9 sales in the week.

Similar to the freehold market, the number of new condo listings has been going up and down like soccer fans doing the wave. This week listings are back down by 3.4%, but sales have jumped by an astonishing 41% from the previous week. While not in record territory, nearly 28% of suites sold at or above the list price. The hottest area this week is the $400K-$700K sector in the central core where 31% of the condos sold at or above the list price.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 230 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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.

Home buyers are apparently agreeing with Finance Minister Joe Oliver’s assessment of the Canadian real estate market....there is no bubble. Home prices across the country are rising and so is the number of multifamily units under construction. Clearly the Spring market is here and with the first long weekend of the summer behind us, sales and listing activity is on the rise.

New freehold listings are up by 15.8% over two weeks ago. When you factor in some lower numbers due to the long weekend, it appears that listings have been increasing relatively steadily for the past two months. But increased listings also means better choice for buyers, more time to decide and fewer multiple offers. In fact, sales this week are off by about 50% from two weeks ago. Our research shows another interesting fact….multiple offers are slowing down from a high of 75% of every home sale to a more reasonable 54% this week. This seems reasonable considering the same number of buyers are looking at more listings.

If we could call a champion in the real estate battle, we would have to give it to the condo sector.  Despite a recent Fitch Ratings Inc warning on condominiums, listings have been relatively stable for the last few weeks (averaging about 770 new listings per week) and sales have consistently kept pace. Again, the true temperature of the condo market lies in its ability to garner multiple offers on units and it is here that the sector is shining. This week 30% of the condos sold at or above the list price. Like the freehold sector the East is king where 75% of condos sold in multiple offers.

Ok, so maybe you didn’t get the memo. That’s understandable. It’s hard to pull yourself away from another crushing Habs defeat. But trust us when we say… Toronto real estate is just as hot as it was last month.  Sure, an impending long weekend has a natural cooling effect on the market but don’t sit by the sidelines for too long. Buying a house in a Seller’s market requires dedication, perseverance, and fortitude.

New freehold listings backed off a substantial 31.7% this week (representing over 100 fewer homes on the market).  Clearly, people were thinking more about enjoying a cold beverage by the lake than getting their houses ready to sell. While listings were down, sales were up (by 5%) which in turn created nothing short of a mini buying frenzy.  In fact 72.2% of all homes sold in the downtown core occured at or above the asking price. While this is not the highest percentage we have seen this year, the trend seems to be heading toward record territory.

The condominium market seems to have adopted a ‘slow and steady wins the race’ stance.  Listings are down by 4.3% from the week earlier but sales are down a corresponding 4.1%. Our research continues to show two very hot segments of the condo market. Nearly 50% of mid-range condos in the central core ($700K-$1.5M) and almost 50% of entry level condos in the east core ($400K-$700K) drew multiple offers. Our belief is that these two markets are being fed by would-be house purchasers unable to enter the freehold market.

It’s May. It’s really May. We just can’t believe it is finally here. All those nights spent around the dinner table talking about the horrible, unbearably cold winter we had. Do you remember scraping all the ice from the windshield? How about climbing over snow drifts? And then presto! It’s over….at least until we all start complaining about the heat, the brownouts, and the funky tasting water.

Our adaptation of the old saying about spring showers bringing May flowers is… “Warm days bring listings for May”. Ok, we may not be poets but we are happy to report that new freehold listings are up again. The increase is widespread across the entire core of the city but most prevalent in the move-up markets in the central districts. Overall, the number of new listings is up just over 35%. Sales have remained identical to the week earlier both in terms of units sold (234) and number of sales at or above the asking price (68%). 

The condo market is…well, pretty much the same as it was last week. We don’t get to say that very often. While listings are up about 9% from a week earlier, they are still off the peak of 786 units just a few weeks ago. Sales are stronger by 7% over the same period and suites selling at or above the asking price is down marginally (from 29.6 last week to 28.1). No wild fluctuations translates into continued strength in Toronto’s re-sale condo market. This week we note that the most active category was the $700k to $1.5M price point in the central core where 41% of condos traded at or above the list price.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 230 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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.

One of the best presents we got last week was the end of construction on the Gardiner Expressway. After more than a year of lane closures and avoidance at all costs, we are falling in love with our elevated highway all over again. No more playing “guess the alternative route across town”. This is great news for Realtors who can travel with ease across the bottom of the city... at least until the Pan Am games. 

In a surprising twist, new freehold listings backed off by a little over 8% last week. Most of that came as a result of fewer listings in the central core. While sales have remained strong we did notice that the number of bidding wars dropped to 68% (from 70% the week prior).  We are blaming this minor decrease on the crazy amount of rain that fell last week.  Also of note was a near sweep in the central core’s entry level category ($400K-$700K) where 11 out of 13 homes sold in multiple offers.

Following the freehold category’s lead, new condo listings fell by 11% from the week earlier. The big story is the number of sales which increased over 8% in the same period to 260 units. Sure that’s great news but the bigger story is the fact that the number of suites sold at or above the asking price has reached one of the highest levels since we have been tracking it. That number is a remarkable 29.6%. It is the east core condo market that is driving prices up with 8 out of 10 condos selling in multiple offers (compared to just 3 out of 15 in the west).

The other day we saw someone wearing shorts. No, seriously. It wasn't just some random kid trying to make a point either. It was actually warm outside which leads us to believe that road construction is just around the corner. If you are hoping to avoid traffic gridlock this summer, get that home purchase out of the way fast. At least that’s what many are doing right now.

New listings shot up over 32% since Easter. With more choice, it is clear that people are being a bit more selective. Sales increased by  5% and homes selling at or above the asking price backed off to 70% compared to 75.4% just a few weeks earlier. We thought it was interesting to note that the $3M+ category had one of its best weeks of the year recording 13 sales. For first time buyers, the east core remains the hot zone with 90% of home transactions happening in multiple offers (compared to 70% in the west core).

We love what`s happening in the condominium sector so far this year. Listings continue to trend upward (20.2% over the past two weeks) but sales have outpaced that growth substantially. In the same period, sales have accelerated by nearly 37%, one of the biggest increases since we have been keeping track. Clearly people are looking “up” when considering a new home as competition for good space continues to grow. This week, 28.2% of condos traded hands at or above the list price.

Are you feeling confused and a bit out of sorts? It is most likely due to the “Holiday Vortex”…. Too many long weekends packed together. Fresh off March Break we rolled straight into the Easter long weekend. Common symptoms include weight gain and anxiety due to increased chocolate levels. Nevertheless there is one group that worked through the stress….Buyers, who despite fewer listings, racked up some impressive sales figures last week.

New listings in the freehold sector have had some ups and downs this year. Last week available listings fell 24% over a week earlier however sales exploded by almost 100% in the same period. If that doesn’t make you stand up and take notice, maybe this will….Over 75% of homes sold in the central Toronto corridor happened at or above the list price. This is the highest level of 2015 so far. No surprise that the $700K-$1.5M price range is the most active in the central neighbourhoods while the $400K-$700K are the most active in the east and west.

Meanwhile, the condominium sector recorded a 13% drop in new listings last week. While that follows the same trend as its freehold counterpart, we were surprised that despite sales dropping by nearly 24% (from 218 to 176 units), over 27% of sales happened at or above the list price. Our research indicates that the most coveted condominiums are ones located in established neighbourhoods and tend to be marketed towards end users.

Now that March Break is over and we seem to be easing into some warmer weather, it appears that Toronto’s real estate market has a bit more “spring” in its step. While there are just some puns you never tire of it is clear that Buyers and Sellers are back and are more determined than ever to get settled before the summer.

The freehold sector has witnessed its biggest increase of the year with listings growing by 70% across the downtown core. There is still a bit of catching up to do on the sales side however. Last week sales of existing units increased by 25% but is still below the sales activity recorded before the March Break. We are expecting sales levels to drop over Easter but to rebound quickly and remain high for the next few months.  It is interesting to note that the number of homes sold at or above the list price has remained consistent throughout the month, hovering around 62%.

The condominium sector does not appear to play under the same rules as its freehold counterpart. Listings have been increasing slowly since the beginning of the year despite holidays and inclement weather. Last week new listings moved 8% higher to 739 units. Sales have been trending upwards as well, increasing by 8% over the same period. We are still reporting close to 23% of condo transactions happening at or above the list price which points to continued strength in the high rise market.

If you’ve been following real estate trends for the last few years then you’ve probably witnessed the direct correlation between the weather and listing and sales activity in the city. The simple fact is that everyone hates to trade in real estate when it’s too cold or too hot. Case in point, we are climbing out of the deep freeze and as such, there is more activity in the market.

Be still our beating hearts. The freehold sector has turned up the heat. Last week alone we watched listings climb by 12% across the central core but the big news is the 76% increase in number of sales. Of those sales 64% were above asking. It is interesting to note that at this time last year we had 15% more listings (325 compared to 283) and 11% more sales (164 compared to 148). That tightening of supply has created more multiple offers than one year ago (61% last year vs 64% this year). As we move into Spring Break, we expect things to move a bit slower over the next two weeks.

The resale condominium market seems to be having a solid start this year. Our agents are reporting more multiple offers in what is considered more boutique style buildings, those low and mid-rise condos and lofts located in established neighbourhoods. While listings have increased nearly 20% over the last two weeks, sales have been exceptionally strong, increasing by 22% over the same period and the number of multiple offers climbing to 23.5% compared to 13.5%.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have three centrally located offices and over 230 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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.

Ah January. The month of new beginnings, salt stained trousers and increased listings. What we can tell you right now is that 2015 is starting off with a bang as listings continue to grow…and not a minute too soon. One just has to look at the number of multiple offers to know that demand remains high. Our office coffee consumption is also ramping up, so we know we are in for another busy Spring Market. 

We can collectively hear home buyers breathe a sigh of relief as more listings come to market. Across the downtown core, freehold listings jumped by 67% since the early part of the month to 221 units. That exuberance is only tempered by sales which increased by a remarkable 95% over the same period. Of those sales, 53% sold at or above the asking price. There is no question in our minds that all these numbers will improve over the coming months. 

After a quick run up in the number of condominiums coming to the market at the beginning of the month, it`s comforting to know that the number of new listings has stabilized. Meanwhile sales have increased by 30% in the downtown core and units selling at or above the list price have moved from 9% at the beginning of the month to the current level of 17%. With a lot of media coverage over the record prices in both the low and high rise sectors of the new condominium market, we expect that Toronto`s existing inventory will see healthy price increases this year.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have three centrally located offices and over 230 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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.

MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 28^TH, 2014

It's not just the Grey Cup that signals the end of November. If you've lived in Toronto for any length of time you know that this time of year also means that thoughts of buying and selling homes take a back seat to Christmas shopping and holiday planning. While we may not remember who won the last Grey Cup, we can take the slowing real estate market to the bank. Now some people will tell you that the best time to buy or sell is when no one else is buying or selling. It seems those people made that point abundantly clear this week.

Consider the freehold market segment. It's true that new listings dropped by 54% over the previous week, but sales are not backing off at the same pace. This week sales were only down  7% but sales at or above asking inched up marginally. It's interesting to note that sales across Downtown Toronto have remained consistent overall price points. Our research also shows that first time buyers will likely see more properties for sale in the east but will be involved in fewer multiple offers in the west, while in the Central core those same buyers will likely purchase homes at a higher percentage over the asking price.

The condominium market returns with some more positive results. After a rather stagnant week of sales last week, it jumped back with some solid numbers. New listings continue to slow this week ( down 17%) while sales jumped up by as much as 50% in some parts of the core.  While down slightly, we are happy to report that 14% of condo sales happened at or above the listing price this week. With  470 existing condos for sale in the Central core and the bulk of the new inventory under construction, we will continue to monitor this segment closely, but it seems that consumer confidence combined with strong immigration numbers are winning over bubble talk in the condo market.

MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 21ST

Things we are putting on our Christmas list….Warmer shoes, a better shovel and more listings. It comes as no surprise that on the eve of the holiday season Toronto got its first dusting of snow which not only signals the traditional listing slowdown, but throws us even harder into traffic chaos. Well, at least we aren’t in Buffalo.

So what’s cooking in the freehold sector? Well, listings are down by 16% over the previous month and sales are down by as much as 67%. Our agents report that open house traffic has remained relatively strong over the last few weeks but its’ obvious that the snow really takes the wind out of buyer’s sails. “Days on market”, one of the key indicators of our market, have been getting longer but still over 45% of sales happened at or above the list price.

The condominium market has seen only a minor drop in new listings (8.3%) yet witnessed nearly half as many sales as a month ago. While sales in the east and west have held their ground the bulk of that decline has occurred in the central core. Even with such a large decline in sales we are encouraged to report that 20% of condo sales this week have been in multiple offer scenarios. It is interesting to point out that condo sales above $1.5M were negligible this week but this price segment has close ties to the freehold sector so we believe that sales will improve as overall freehold market gathers steam in the new year. 

The new Bosley Market update is here... 

The new Bosley Update is out...

Here's the Bosley Market update for September...

MARKET UPDATE FOR THE WEEK ENDING JULY 18TH

They say that Toronto has only two seasons... Winter and Construction. We feel your pain if you are part of the daily commute. But hey it could be worse. You could be looking for a house. It seems that buyers this year just can’t catch a break. Summers are meant to calm the soul and recharge those home searching batteries and, quite frankly we thought things would slow down just a titch, but apparently we were wrong. There’s a first time for everything.

New freehold listings in the city core continue to decline, backing off another 31% over last week (to 222 listings) but sales are up and multiple offers are back with a vengeance. While last week 47% of home transactions were in competition, this week that number has spiked to nearly 60%. One of the interesting things that we have been tracking over the last year is the clear divide between the east and west cores (E1,E2 and E3 versus W1, W2 and W3).  Homes in neighbourhoods like Leslieville, The Beach and Riverdale are very hot. While they are producing the same number of new listings as the west neighbourhoods of Parkdale, Roncesvalles and High Park, there are clearly more bidding wars in the east (70% in the east vs. 51% in the west). Buyers may wish to consider this fact as part of their home buying research.

New condominium listings are also down this week backing off a full 13% but sales have only decreased by 11%. Interestingly more properties are selling at or over the list price (20% as compared to 18% last week). We continue to be optimistic about the condo sector in the city. While thousands of new suites will be delivered this year there are lots of buyers looking for larger suites (instead of starter homes), and an increase in condo investors wanting to take advantage of rising rents.