Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

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.

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"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.

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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%.

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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.

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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.

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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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"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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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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At this point in the year we should be gearing up for the spring market, but we just aren't feeling it yet. The consensus is we are a month behind other years. Like most of this year we are struggling with low inventories, a situation that has many puzzled. The pent up demand is evident. Walk into any open house on the weekend and see if you can find empty space on the floor to leave your shoes. The overall number of sales is beginning to perk up, but the action is still far below where it was at this time last year.


The number of new listings continued to contract last week but that could be because of the family day holiday. 25 percent fewer listings week over week created increased competition with 35 percent more sold properties and of those, 60 percent sold over the asking price. The price range between $700K and $1.5K was the most active last week with 68 percent more properties sold and of those 63 percent sold over asking.


A similar market exists in the resale condo sector. Listings were off last week by 15 percent while sales were up 21 percent week over week. And of those sales 47 percent sold at or above the asking price. The condo market has been traditionally reserved for first time buyers, but as freehold home ownership becomes less affordable we expect even more activity in the condo market. 

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The media likes to sell sob-stories to survive. The TREB market report was released this week and the news release in the media was all doom and gloom. Well not so in the City of Toronto. The average selling price at the end of January was $766,616, up 5.5 percent from a year ago which was $727, 928. The number of new listings came in at 2,776 for the end of January slightly lower than a year ago at 2,886. But when you factor in the surrounding GTA it skews the City of Toronto stats. The annual rate of growth in the City of Toronto was driven by the condominium market sector, which has had double-digit annual growth.


The freehold market is starting to build up some steam. We have seen a 20 percent increase in listings with the central core leading the way and the number of sold properties was up 15 percent and of those 30 percent sold over the asking price. Buyers are circling and they are willing to move quickly when they see a property that ticks all the right boxes. There seems to be an exuberance in the office this week and no doubt that the market is starting to take off.

The resale condo market is exhibiting some "freehold like" qualities. This week there were 30 percent more new listings to hit the market from the previous week but the number of sold condos was down 10 percent. Urbanation, a company that tracks the condo market released their annual report this week and the average price per square foot for a new condo is $1,031 and $823 for a resale condo.  As many as 20,000 new units are expected to be delivered in 2018.

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Blue Moon - “a second full moon in a calendar month” Has it cast a spell over the real estate market? 


It’s hard to believe that we are already a month into the new year. We have had some major snowfalls and plunging temperatures but so far this year it’s been a tepid real estate market. Agents are complaining there is nothing to show and as research indicates listings in both the freehold and condo sector have backed off substantially from a year ago while the demand is still strong. Perfect example: A house in prime Leslieville gets listed for $875,000 and on offer night there are 15 offers and it sells for $1,290,000. The buyers are out there. If you are thinking of selling NOW is the time!


In the freehold sector, listings continue to be a source of concern. We are down 10 percent in listings from the previous week, and we should be seeing an increase in new listings week over week not a decrease. The good news is we have seen a small increase in sales this week, and of those sales more than 50 percent sold over the asking price. The hot spot was the east side (E01-E03) where there were 24 sales and of those 45 percent sold over the asking.


A similar tight market exists in the condominium sector. Last week we had 136 new listings come to market, but the week before we had 183. The good news is we had 30 percent more sales and the sweet spot was $400 -$700K, with 50 percent of condos selling over the asking price. There is a noticeable drop of new condo listings in the central core, proving once again that the demand still exists for central condos.


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.

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The Toronto real estate market has had a sluggish start with slim listings and hesitant buyers. Generally speaking January is a slow month for new listings, but the demand is high and now that most of the snow has melted it is time to start seeing "For sale "signs popping up. Sales have dipped 6 percent in the first half of January in the GTA area compared to the same period last year. It seems the overall market is affected because of the 12 percent drop in condo sales so far in January compared to the same time last year.

 

In the freehold sector listings continue to be a source of concern. A year ago there were 251 new listings compared to just 209 this year. The good news is there were more sales posted this week up by almost 34 percent compared to the previous week. As we continue, the hope is more Sellers will come to market soon and not wait until March. The demand is strong thanks to a robust economy. The condo sector has seen more listings come to market. Last week we had 190 new listings compared to 146 the week before. We also have seen a jump in sales

by 25 percent week over week. The condo rental market is a blazing hot segment in Toronto's downtown core. Because there is a lack of inventory the concept of "holding offers" has moved over to the rental market. A record 27,200 condo apartments were leased through MLS in the GTA in 2017, up 1 percent from 2016. Agents say the multiple bids blind auction has become one of the features in the tight rental market.

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Cold weather getting you down? Salt stains on your boots? Down in the dumps at your desk? January 15th - Blue Monday, is supposedly the most depressing day of the year. Yup, Christmas is really over and the realization of all the money we've spent and the fact most of us are back at work makes us blue. But you can feel the market is starting to come alive this week. New listings are slowly coming to market, but the feeling is Sellers and Buyers seem to be doing the "let's wait and see" dance.

 

Looking at the sales figures for the freehold sector compared to last year, the number of sales and listings so far this month is nearly identical except for the west end where there were 10 percent more listings last year. What few listings in the freehold market we have seen come to market this month the multiple offer trend is happening once again.

 

The number of new resale condos in the downtown core is lower this month by 40 percent compared to the same time last year, but the demand is overwhelming for condos priced in the $350K to $400K range. News of a condo receiving 22 offers this week in Liberty Village could mean a shift in the market as buyers and sellers take advantage of the price difference between condo units and freehold. The average price for a condo in the core was $532,700 at the end of December.

 

Bosley has opened a new office in Cambridge which can service all areas from Hamilton, Kitchener/Waterloo, Wellington County, Georgetown and all the way to Guelph.

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Happy New Year ...... So the year begins. Let's sum up the market for 2017.

 

• GTA realtors reported 92,394 sales through Treb's MLS- down 18.3 percent compared to (113,133) the record set in 2016

• Record sales in Ql were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan was announced.

• The average selling price for 2017 was $822,681- up 12.7 percent compared to 2016.

• The "stress" test was introduced in October causing a rush of new listings and sales for November and December.


There is no doubt that the new mortgage rules will impact the purchasing power of buyers in the resale market, pushing everyone down a rung on the property ladder.


Because of the housing bubble in the first quarter of 2017, this year will be a year of data misrepresentation. Any comparison to that bubbly time will make 2018 look bad. The media likes to report comparable data without providing context and the word "crash" might be thrown around liberally.


As for foreign buyers, they still view Canada as a very safe place to put their money, and many other foreign buyers are buying for their children when they attend University here, or for themselves based on a planned future move here.


The condominium resale market we expect to still be robust this year, with asking prices topping $1000 per square feet. The average price for a condo was close to $550,000 for the City of Toronto, up 15 percent compared to 2016.


Many investors still view Toronto condos as great long- term investments, but higher interest rates, rent control, and mortgage rule changes, might leave investors hesitant to buy.

 

It has only been a couple of weeks into the new year so its difficult to predict what will happen. With all the new rules taking effect this year some buyers and sellers are reluctant to make a move. The waiting game begins!


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

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The time is almost upon us to ring in the new year and for many of us to embrace change. The real estate market in 2017 has been anything but typical in the GTA and the fickleness looks set to continue right into 2018. There is so much uncertainty as to how the real estate market will unfold as we head into the new year. Royal LePage is forecasting a 6.8% increase in housing prices next year, but Remax Canada predicts a more conservative 0% price change. So, what will it be? Will the lack of housing supply in big-city markets, including Toronto drive prices up?


The City of Toronto continues to strengthen following the market declines after the province introduced the Ontario Fair Housing Plan in April, and in particular the 15% foreign buyers tax and other cooling measures. The foreign buyers tax has had more of an impact in the 905 area where the residential resale market seems to have stalled.

The condo market has been the hottest sector with the average sale price at $555,396 up twenty-five percent from the same time last year. The high demand for entry-level properties like condos is likely to continue in the new year, as well as a tight vacancy rate for renters.


Going forward what we do not need is further government intervention in the market place. As the market continues to recover in 2018, it is expected to be a more balanced market.


Whatever you celebrate this holiday season, wishing you all peace and joy. Take the time to be with your family and friends and enjoy the fun holiday season.


Happy New Year!

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As the calendar flips for the last time this year and we are three weeks shy of Christmas, it feels like we are all gearing up for the holiday festivities. The offices are a little slower, listings are dropping off and the buyers are taking a break. The November stats were released from The Toronto Real Estate Board and for the City of Toronto the average price was up 2 percent to $802,220 from November 2016. We saw a sizable number of new listings (14,349) for the entire GTA, up by 37 percent compared to November 2016. This boost to home ownership could be because of the upcoming changes to mortgage guidelines, which come into effect in January. On a year-to-year basis, the average selling price was up by 13.4 percent compared to same period last year. All the negative headlines are for the entire GTA, but conditions continue to be stronger for the City of Toronto.


The freehold sector in the central and east neighbourhoods saw a drop in new listings last week by 14 percent, while the west end remained on par as the week before. As December approached we also saw a drop in sales by 25 percent for all freehold but the bidding wars were still happening with 27 per cent selling over the asking price.


The condo market in the City of Toronto is still sizzling with the average price now at $555,965. Last week we saw a decline of 12 per cent in new listings for all neighbourhoods and a small decline in sales by 6 percent but the bidding wars were still strong with 32 per cent selling over the asking price. The condo market continues to lead the way in terms of price growth in the GTA.

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Over the years we have watched the Black Friday phenomena move north of the border and now it is not unusual to see line-ups outside big box stores in Toronto.  As always the in demand items are electronics, televisions, clothes and… Real Estate? While a few weeks back we might have thought we were headed for an early end to the Fall market, that definitely does not seem to be the case as we get into the second half of November.  Don’t get us wrong, these are not door crasher numbers but sales in the Freehold category increased and the condo market continues to defy every new bit of legislation the government can throw at it.


We have reviewed our holiday/long weekend calendar and are clear for the rest of the year.  We have however entered what is universally known as the ‘Holiday Season’ and the freehold market always respects the holiday season.  So we are not at all surprised to see the number of listings declining from the previous week down 20% to 178 from the 222 the previous week. We did see a nice jump in sales, up 12% to 132 from the 118 the week before.  We believe the new mortgage stress test is keeping the Buyers interested even as the Sellers get to decorating their houses and this resulted in the number of freehold properties selling above their advertised price remaining at the lofty 42%.


The condo market saw a modest decline in both listings and sales but saw an increase in the percentage of properties selling above their listed price, up to 40% from last week’s 35%.  New listings declined 10% to 270 from 299 and sales declined a similar amount to 147 from the 162 the previous week. With the continued pressure from Buyers to buy before the new mortgage rules come in on January 1st, 2018 we expect the condo market to be strong for the rest of the year.

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HO HO HO here come the holidays! Santa Clause is coming to town. The annual parade comes to town on Sunday and has been a staple in Toronto for 113 years keeping the tradition alive. Does that mean we are winding down and getting ready for Christmas? It doesn’t seem that way with a swell of new listings hitting the market in the early part of November compared with this time last year. Could this be a sign that sellers are hustling to list before the new “stress test” rules surrounding mortgages come into effect on January 1st.


Last week the freehold market saw 222 new listings in the central core hit the market up 35% from the week before with the east end doubling their new listings from 38 to 77. Sales were brisk for all parts of the city out pacing the week before with the west end up 65 percent. We are still experiencing multiple offers and 45 percent of all sales are selling over the asking price.


The condo market did not see an increase in new listings last week with only 299 listed, but there was a 21 percent increase in sold condos (162) mostly in the central core. Of those condos sold 35 percent sold over the asking price.


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.

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In the olden days of yore we used to judge the changing of the seasons by stepping outside and observing the natural environment.  Cooler evenings and the kaleidoscope of colours  would indicate the onset of Fall and a powdering of snow was a sure indicator that winter was upon us.  The weather seems a less reliable indicator these days but not to worry the world of marketing and retail sales will keep us focused on the changing seasons.  If you haven’t left your house since Halloween you may not have noticed that it is suddenly Christmas everywhere you look. Unfortunately, the real estate market does not flip seasons as easily as your local retailer and the indicators we look for are harder to spot. The fall market is influenced by many things including believe it or not, when we get our first snow fall. Snow and bad weather not only indicate the approaching holidays when nobody really wants strangers tromping through their houses in Uggs and Blundstones and understandably the typical Seller and Buyer start to consider things other than real estate (I know we hardly believe it ourselves). This fall has been a particularly difficult market to get a finger on.  Some days are hotter than average and setting records and some neighbourhoods feel like they are in a cool chill.  New legislation makes some people think that the market will end early and has others thinking it will go to the last day of the year. We will keep on working and let you know how our seasonal transition fairs.


In the freehold market the number of new listings and sales both showed continued declines after seeing numbers rise through the first two weeks of October. Listings were down 7% over the previous week to 166 from 180 but are down a significant 30% since the mid-month high of 237. Sales declined 30% over the previous week from 136 to 93 and the percentage of homes that sold above their advertised price was 46%, down 12% from the previous week.  The east end continues to be the hottest freehold market with 65% of all sales going above their listed price.


The condo market held steady in new listings with an increase of 10% up 28 new listings to 295 last week. The new listings have been incredibly consistent for months with each week being within 10-15% up or down of the previous week.  There seems much less variation in numbers of new condo listings than compared to the freehold market.  There was a similar decline of sales in the condo market as with the freehold market with 26% fewer units selling last week over the previous week.  The number of condos selling above their listed price was 32% which falls within the typical range we have seen the entire fall market, never straying from 25-35% of condos selling above their advertised price. 

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

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The Toronto Real Estate Board released the market stats for October and its good news once again! We saw a dramatic increase in sales (7,118) between September and October of almost 12 per cent pointing to stronger fall market conditions. The average selling price for the GTA for October was $780,000 up by 2.3 per cent compared to $762,691 in October 2016. For the City of Toronto the average sale price for October was $818,201 compared to $769,712 in October 2016 up by 6.3 per cent!


"Every year we generally see a jump in sales between September and October. However, this year that increase was more pronounced than usual compared to the previous ten years. So, while the number of transactions (7,118) was still down relative to last year's record pace, it certainly does appear that sales momentum is picking up" said Mr. Syrianos, TREB president.


For The City Of Toronto the average price for a detached home is $1,287,765 slightly down by 1.1%. The average price for a semi-detached is up by 5.2% to $948,309. The strongest growth was seen in townhomes averaging at $742,845 up by 8%, but the condo apartment has seen an insane price growth of 21% averaging at $555,004.

Last week in the city the freehold market was down 30% in new listings but up 18% in sales with 58% selling above the asking price. The condo market last week was slightly down in new listings but saw a dramatic 27% increase in sales with 33% selling over the asking price. Similar to what happened in Vancouver, it appears that the psychological impact of The Fair Housing Plan, including the tax on foreign buyers, is starting to unwind.

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