Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

HO HO HO here comes Santa! The annual Santa Clause parade comes to town on Sunday and if that doesn’t signal the start of winter then this week’s blast of early snow sure did. Despite the early onset of snow and temperature drop there is no sign that the real estate market is slipping into hibernation yet. A shortage of listings has been the problem for most of the year but when we ask around the office if agents have buyers they are working with everyone puts their hand up. We know there are many frustrated buyers out there, but we would encourage them to all keep looking. If you are thinking of putting your buying intentions on hold you might pay the ultimate price when prices escalate in the Spring...just like

they did last year.


Clearly as we see the year start to wind down freehold listings are not increasing week to week. Last week we saw an 8% drop and sales also dropped by 7%. These statistics are not uncommon when you compare to previous years. Its more a statement of the approaching winter market. Still, sentiment for home ownership remains strong as nearly 61% of sales happened at or above the list price.


The condo market on the other hand saw a 10% increase in new sales last week, but a sharp drop in sales down by 24%. Multiple offers once reaching a high of 52% of suites sold back in October has diminished to a still healthy 43% of condos selling at or above the asking price. We are still seeing heightened activity in the more price-friendly price point for first time buyers being between $400K to $700K.

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Home sales continue to rebound as sales jump across the country. It’s the seventh straight month that home sales have grown with an upswing in activity, and record prices in Toronto and the surrounding suburbs. This has many people concerned as to the affordability which has become a major issue in the upcoming federal election with all major parties promising to improve affordability, particularly for first-time buyers. With all this uncertainty and the Thanksgiving holiday last week, it did contribute to a slowdown in both listings and sales in all neighbourhoods of Toronto. As we wade into the final days of the election, we shall soon see who will hold power. Get out and vote!


The freehold market continues to follow the long weekend pattern with listings down 32%, while sales remained consistent with the previous week. Sales at or above the list price also fell slightly from the previous week to 54%. The east end

is still leading the pack with 63 percent of sales sold at or above the asking price.


The condo resale market has finally broken from tradition by mimicking its freehold rival. Listings were off pace, down 12% from last week while sales tapered off by 11%. Sales at or above the list price dropped to 43%, the lowest its been since the summer months. The hot spot in the downtown core is the $450,000 to $700,000 price range with one out of every two condos selling at or above the list price.

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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With the change in temperature and the end of that laid-back mood of summer, fall always feels like a shift in gears. Changing around your wardrobe and getting ready for those cool days and nights are almost upon us. With the fall market in full swing, the unpredictability of Toronto real estate is perplexing at times. Sales have been recovering and stronger than we expected in recent months. It seems that we are in full recovery with 6 straight months of sales increases for existing homes. Mortgage rates are dropping, and the impact of the mortgage stress test seems to have  diminished slightly. Sellers are becoming a little bit more realistic in their pricing, but listings still remain low causing fierce competition among buyers.


Last week the freehold market saw a small 13% dip in new listings from the previous week. It is interesting to note that fewer listings did not dampen buyer’s spirits. Overall sales for the week shot up an impressive 41% from the previous week and as expected, supply and demand economics propelled 71% of sales at or above the list price. Most of the activity was centered in the east end again in the Riverdale, Danforth Village, Leslieville and Beaches neighbourhoods. We love witnessing the condo market’s continued success. Listings were up slightly last week by 3% from the previous week. Sales had a healthy 17% increase week-to-week. Keeping in line with previous weeks, 45% of sold units are still happening at or above the list price. The condo market continues to lead the way in terms of price growth in the GTA.


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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Happy Friday the 13th. Ah September. Our favorite month. The kids are back at school, the days are still warm, the nights are cool and we are all getting back into a groove. For us, September means more listing and sales activity and its time to open the floodgates for new property inventory. August inventory levels were challenging at best, but there was a sales rebound in Toronto which means house prices are rising once again. With the number of homes available for sale down by 11 % over the past year, competition between buyers is heating up again and multiple offers are once again on the rise.


Canadian homebuyers seem to be getting used to the new mortgage rules, and there have been some important changes at the federal level that are expected to help homebuyers:

•   The mortgage stress test qualification bar was recently lowered from 5.34% to 5.19% increasing purchasing power marginally.

•   The First Time Home Buyers Incentive (FTHBI) took effect on September 2, whereby eligible first-time buyers can get a shared equity government loan to help with the down payment.

•   The Home Buyers Plan (HBP) withdrawal limit increased from $25,000 to $35,000, toward the purchase of a first home.

•    Rumours of interest rate drops are circulating. Current mortgage rates can be found starting as low as 2.19% to as much as 2.89%.

The freehold sector witnessed a huge increase in new listings last week which clearly signaled the start of the fall market. There will be a week long lag in sales as the majority of these listings have offer dates for the following week.


The condominium sector performed similarly with an increase in new listings. Up 84% from the previous week with the centre of action being between $700K to $1.5M. While sales tapered off 10% over the previous week, activity continues 
to be strong with 42% of condos selling at or above the list price.

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The dog days of August are upon us and if you like it hot and sunny then this is a great summer, unless you’ve lost out on multiple offers and are frustrated with the low inventory of properties for sale. The good news is sales in the GTA for the month of July jumped 24% from the same period last year. Toronto sales have been rebounding all summer from a slump earlier this year as buyers are overcoming tougher mortgage qualification rules and returning to the market. With new listings slow to come to market, prices rose in July as demand outpaced supply. The average selling price for a home in Toronto in July was $839,943. The average condominium price was $627,927 up 7.7% from a year ago.


Listings may be slim right now but it’s a good time for buyers to take advantage of the slow summer with less competition, as there are deals to be found. Some buyers are watching as rivals flow out of town for their summer vacations and can take advantage of their absence to snag a good deal. Properties listed in desirable locations will always attract plenty of buyers no matter what time of the year.


The freehold sector reversed an earlier trend of increased listings by recording a slight 18% drop in available homes last week while also recording a 16% drop in sales. However, competition for those homes was up, with almost 55% of home transactions selling at or above the asking price. The condo market also saw a sharp 33% decrease in new listings from the previous week, but the sales remained unchanged with over 47% of suites selling at or above the list price.

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The sun is shinning, the birds are chirping, and the hot weather is finally here —  summer is in full swing. It seems that everywhere you look, glowing faces and lush gardens greet your gaze. A laid-back attitude seems to be permeating these days. As we have settled in after the long weekend, the real estate stats were released for the month of June, and its all good news! The average sale price for a home in the City of Toronto is $915,481, up 5% from a year ago and the number of sales recorded for the entire GTA was up 10%. Home sales and prices have perked up from a depressed 2018. Buyers started moving off the sidelines in the spring, and because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types like condos.


It’s easy to see the freehold sector shifting into summer mode. Listings were up slightly last week by 9% over the previous week, but sales were dramatically down with 52% fewer sales last week in all areas of the city. If we go back exactly a year ago and check the stats, they are almost identical to now. Homes selling at or above the list price has dropped to 38%. We believe the buyers are still active in the marketplace but are taking a bit more time to make their decision.


The condo market buyers and sellers expressed a similar sentiment. 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 sales last week although listings increased by 14%. The percentage of suites still selling at or above the list price has dropped slightly down to 33%. Summer market statistics are often not the best indicators of housing market conditions.

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


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


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

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


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

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


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


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

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As we approach the May 2-4 long weekend, we are crossing our fingers and hoping to get some warm weather so we can start our outdoor activities. Patios sit empty as we wait for sunny days. Wondering if it will ever warm up? But, one thing is for sure the Toronto real estate market is heating up. The buzz around the office has been exciting with new listings and agents busy helping buyers get their dream home. It’s an interesting market happening out there these days. Properties that look compelling and well presented aren’t getting offers on offer night and others are selling with sky high results. It all comes down to strategic pricing. Price low and wait....or price at market value. That is the big question! 


After a flurry of listing activity two weeks in a row, listings were still up but only a slight 6% increase. The good news is that sales were up 34% week-over-week creating nothing short of a mini buying frenzy. In fact, 65% of all homes sold occurred at or above the asking price.  While this is not the highest percentage we have seen this year, the east end and west end of the city both displayed 77% of properties that sold, were sold in a bidding war.


The condo market had a great week with a 15% increase in new listings, and sales rose slightly by 2%. The number of transactions that took place at or above the list price was at a steady 51%, a slight drop from previous weeks.


A senior economist at RBC sees evidence that the GTA market is turning a corner. The sales rebound in April, plus the rise in benchmark prices for a second month, suggest that the market is recovering from a dismal February/March which were hammered by winter storms.

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The Toronto real estate market is here with a bang! It looks like after two years of weak conditions the market is making a comeback. Though it’s off the dizzying heights of 2017, we are seeing a significant ramp up of new listings and of course the corresponding increase in sales. On a seasonally adjusted basis, sales were up 10 per cent in April and the average sale price for a home in the City of Toronto is $903,992. Inventory levels are still low which means that even those homes that otherwise would be “locationally challenged” are selling quickly.


The freehold market continued to see increases in inventory for the second straight week up 22%, spread out across all parts of the city. The number of sold properties was up a staggering 31% week-over-week, and a strong 70 per cent sold at or above the list price. This is all good news and likely represents some catchup from a slow start to the year. The high-end market is moving at a slower pace. Currently in the central core there are 334 properties listed above $3 million dollars.


The condominium market in the Toronto core continues to shine. While there was only a 9% increase in new listings last week, sales increased by a whooping 44% and of those, 53% sold above the asking price. The average condo price for the City of Toronto is now at $637,181 up 6% from a year ago. Tight market conditions in the condo rental market remain in place. Average year-to-date rents for a one-bedroom apartment were up 7.3% to $2,150 and a two-bedroom apartment up 4.1% to $2,815.

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Ok mother nature why are you playing games with us? It says May on the calendar but feels more like March. What gives? Rain, strong winds and cold weather is messing with our business. As we transition from this dreary weather to sunshine and cherry blossoms, the Toronto real estate market remains fickle. It’s hard to predict which properties will be snapped up and which will languish. What we may be seeing is a move towards more realistic pricing and less of setting a low asking price and letting the market show us the true value. All the more reason to make sure you hire a Realtor that knows how to properly price and market a property.


The freehold market recorded a solid 54% increase in new listings last week. It is normal at this time of year to see an increase in listings as the Spring market hits its stride. The increase is widespread across the entire core of the city but most prevalent in the $800K-$1.5M price range. In the exact opposite trend, the number of sold properties dropped 17% last week but a strong 61% sold at or above the list price. The slow down of listings means that desirable properties often end up with multiple bids.


On the condo side we saw a steady flow of new listings up 16% week-over-week. Sales followed suit to the freehold market with a 13% drop in the number of sold units, but of those 54% sold at or above the asking price. New construction condo projects are not selling as quickly as they once did so now buyers are being enticed with all sorts of incentives such as reduced down payments or several months of free condo fees. In the past we saw lineups of eager would-be buyers but now the developers are reaching deep into their bag of tricks as they face new challenges in the world of condo presales.


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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Bye, bye March! Welcome sunshine, warm weather, spring flowers and more listings! The March real estate update was released this week and housing sales suggests signs of some stability in Toronto’s market. The market is NOT posting declines in prices and the gains are modest. In fact, the average sale price for the City of Toronto is $830,043, up 1.5% from March of last year. We also saw new listings up 2% to 4,527 year-over-year, but the number of sales were down 9%. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has receded. This means that in many neighbourhoods we continue to see fierce competition between buyers for available listings and plenty of bidding wars.


The freehold sector witnessed its biggest increase in sold properties last week up 69% across the downtown core. There is still a bit of catching up to do on the listings side with only a 21% increase week-over-week. It is still interesting to note that the number of homes sold at or above the list price has remained consistent at a staggering 65%.


In the market report the average condo came in at $603,969 up 2.3% compared to March of last year. Last week we saw a 12% drop in new listings in the downtown core, but sales saw a significant increase, up nearly 31% over the previous week and of those sold, 45% sold above the list price.


The rental market report was also released this week and the GTA reported 6,646 condo apartment rental transactions in the first quarter of 2019. The average one-bedroom condo apartment saw a 7.4% increase to $2,143 a month and the average two-bedroom saw a 6% increase to $2,811 a month.

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Now that March is almost 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. The Globe reported this week that Toronto has 104 construction cranes, the most tower cranes of any North American city. The next closest city was Seattle with 59 cranes. A tally of cranes in major cities provides a snapshot of economic sentiment. Based on this consulting firm’s findings, no North American city is healthier than Toronto. Just simply look up!


The freehold sector has witnessed its biggest increase of the year with listings up a whopping 117% throughout all neighbourhoods in Toronto. We aren’t surprised that would happen now that we are all back from spring break. Again, it’s the price range between $700,000 and $1,500,000 that dominates, although last week there were over 80 properties listed above $1.5M. There is still a bit of catching up to do on the sales side, however. Sold properties were down 14% week-over-week, but that should change next week now that we have more listings.


Again, a similar market exists in the resale condominium sector. Listings were up last week by 18% and the biggest jump happened in the central core’s first-time buyer’s price range of condos listed between $400K and $700K. Sales have been trending upwards as well, and we are still reporting close to 52% of condo transactions selling at or above the list price which points to continued strength in the high-rise market.

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MARKET UPDATE FOR THE WEEK ENDING MARCH 22ND, 2019

Is buying a home a dream for first time buyers? In the new budget out this week the centrepiece of Ottawa’s housing plan is to help first time buyers with their new zero-interest loans on the following terms:


  • CMHC will offer mortgage loans up to 10% of the purchase price of newly built homes and 5% of the value for existing homes. This incentive is in addition to the buyer’s own down payment. Your household income must be $120,000 or less. The overall value of the mortgage and CMHC loan won’t be allowed to exceed four times the household income. With that cap of $480,000 ($120,000 X 4) the highest-value home that could be purchased under the plan would be about $500,000. (Not much help for buyers in Toronto with average prices for homes and condos exceeding that amount.)
  • Your household income must be $120,000 or less. 
  • The deadline to repay the loan wasn’t specified but it was designed to be a long-term measure. The loans will be available starting in September.
  • Also, first time buyers will now be permitted to borrow up to $35,000 from their RRSP’s, up from $25,000, the limit set 10 years ago. 

This program might be good for small cities across Canada, but from a market perspective it will not be a game changer for the housing market in the GTA. The freehold market continues to tighten with a further drop of 34% in available listings since the previous week because of the spring break. Given fewer listings, we weren’t surprised that the number of sales slipped by 24%. There is no surprise that of those properties sold, 45% sold at or above the asking price. The number of new condo listings saw no change from the previous week, but sales were up slightly by 3% and of those sold, 51% sold at or above the asking price. We are gearing up for what we believe to be an active spring market with plenty of qualified buyers waiting to find their dream home.

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Without question the weather Toronto has experienced so far this year with unsightly banks of grey hardened snow and ice, has delayed the market action. The number of new listings and sales are slightly down compared to a year ago, but the good news is the average selling price for The City of Toronto is up 4.2% to $840,211 compared to last February which was $806,494. With March break upon us next week listings will be slim. Most sellers who are planning to list their properties have been instructed to wait until after the school breaks. Hopefully by then we can expect some balmy temperatures to arrive which will bring us the usual spring bounce.


As the days are getting longer, we are seeing more freehold listings come to market, up 45% from the prior week. There was a small blip in properties sold, up by 5%, and no surprise that of those properties sold, 66% sold at or above the asking price.


The condo market is not showing any signs of slowing. The condominium sector was instrumental in the price growth we have seen. The average price for a condo in The City of Toronto is up 7.4% to $612,488 compared to last February which was $570,275. New listings last week were up 36% week-over-week and the number of sold condos saw a small 4% increase, and of those condos sold 47% sold at or above the asking price.


The rental market continues to operate in high demand. Low inventory and strong competition between renters resulted in average rents increasing well above the rate of inflation on a year-over-year basis. The average one-bedroom monthly rent was up by 8.1% to $2,145 and the average two-bedroom rent was up by 7.4% to $2,810.

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Real estate disrupters come and go. Many of these new “disrupters”, some coming here from the USA will offer you a quick estimate using an algorithm without doing a market analysis. Are they overlooking the emotional aspect of selling a home and are they just order takers? The market in the last couple of years was booming. You would list a house and it would sell within days. Now in some areas, realtors need to brush up on their negotiating skills and a lot of that comes with experience and training.


Studies were done in the USA and those sellers not using traditional Realtors, sold on average 6-8% lower than an MLS sale for a similar property. American real estate and Canadian real estate are not the same. Through our nationwide listing system Realtor.ca homebuyers and sellers are able to see virtually all listings in the country. Go south of the border and you see only the company’s listings. It is no wonder that third-party, non-Realtor websites dominate America. The road ahead is going to be exciting as we adapt and respond to the changing times!


Freehold listings continued to climb last week by as much as 45% with the central core leading the way and the bulk of the new listings were listed between $1.5M and $3M. The number of sold freehold properties did not see an increase from the previous week, but of the properties sold 58% sold over the asking price. A similar market exists in the resale condo sector.


New listings were up 38% week to week but not much change in the number of condos sold. Sales happening at or above the list price seem to be hovering in the 40-45% range, which we consider to be healthy.

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We are almost a month into 2019 and it feels like the Toronto real estate market is getting a fresh start. As we enter a more balanced market, the discussion is still about the lack of inventory. We are all watching for signals that buyer sentiment will heat up. In recent months home price growth has faltered, mortgage rates have risen to their highest point in nearly eight years, and favor has started to shift from seller to buyer.


The long-term prospects for housing are good because demographics are going to continue to support demand. The largest cohort of millennials will be turning 29 this year entering peak home-buying age and contributing to the increase in first-time home buyer demand. Older millennial move-up buyers will have more options in the mid to upper price point and will make up the majority of millennials who close in 2019. Toronto’s housing market might be in an uneven slump, but experts are saying don’t expect a major decrease in house prices, because the city is seeing accelerated growth in its adult population which will keep the market humming!


The freehold market is starting to build up some steam. We are starting to see an uptick in new listings and a surprising amount listed above $3 million. Buyers are circling and they are willing to move quickly when they see a property that ticks all the right boxes. In the resale condo market, we saw a small 12% increase in new listings from the prior week while sales were up a whopping 68%, and of those sales more than 50% sold at or above the asking price which is a solid indicator that the condo market is trading well.

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As with each passing year, 2018 was filled with its fair share of ups and downs. As we move forward into 2019, what will be in store for the real estate market in the GTA? Will there be calm and chaos? The big question now is how much will interest rates rise and will there be a correction in 2019?


This year the Toronto real estate market was heavily influenced by the mortgage stress test and rising interest rates. Affordability has also become an issue for first time buyers, with the average sale price for the City of Toronto coming in at $842,483 at the end of November. Renters are also struggling for accommodation. The average one-bedroom condo rose 9.5% to $2,163 and with rent controls and builder discouragement, new construction will dry up leading to higher rents and lower vacancy rates.


Low housing supply will continue to be an issue in the new year. At the end of November, TREB posted 73,677 sales year-to-date, and with one month to go we will be lucky if we hit 78,000! The last time we saw levels in this range was 2003 and 2008. Whether the banks raise interest rates in the new year, the uncertainty appears to be making consumers hesitant. Compared to the record pace of home appreciation seen in 2016 and 2017, the GTA housing market is now positioned for a much healthier and sustainable growth in the future. Predictions are the housing market will maintain the status quo or could experience a slight growth in prices and sales in 2019. A return to a more balanced market that sees properties listed for a duration of time, we might need to go back to a more conventional way of approaching a deal and using the concept of negotiating.


People will continue to move for the usual reasons — whether they are downsizing, retiring, leaving town, and if incomes, jobs and population growth evolve stably, the housing markets are expected to respond accordingly. The spirit of optimism in Toronto will conquer all. Happy New Year!


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 Board just released the market stats for October and we are seeing year-over-year increases in home sales and average sale prices. The average selling price for the GTA in October was $807,340 up by 3.5% compared to $780,400 in October 2017. For the City of Toronto the average sale price for October was $869,870 compared to $819,124 in October 2017 up by 6.3%!

 

“Annual sales growth has been positive since the late spring. While the stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the GTA remain upbeat on home ownership as a quality long-term investment.  strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2O19” (TREB).

 

Even though listings were up in October 4.8% compared to October 2017, the freehold market last week saw 21% fewer listings from the week before. The net result is more sales happening at or above the list price which is 61% of properties sold. We will certainly witness a decline in resale listings over the next 2 months as we cruise into the winter season, but it remains unclear if sales will decline.

 

The condominium sector stats for October were also stellar. The average condo price came in at $603,153 up 8.7% from October 2017 which was $555,004. Last week new condos coming to market dropped 20% from the previous week but sales increased by 8% in the downtown core and units selling at or above the list price are still at a staggering 50% of units sold!

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

 

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

 

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

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