Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

Come November, we're firmly into fall but lately the real estate market feels like it's spring out there! Several crazy home sales happened last week including one in our office that had 26 offers and sold for 56% above the list price. One just has to look at the number of multiple offers to know that the demand is high. What's causing this excitement? Simple math ... pent up demand plus a lack of inventory. Also, the news of an interest rate hike, the third one this year has got some buyers motivated to get out there before they get shut out of the market.

 

New freehold listings increased slightly last week by 5 per cent but sales increased by a remarkable 50% week over week. While pre-emptive offers seem to be slowing down, 62% of properties sold at or above the asking price. The hottest area is still the east core where 73% of homes sold at or above the asking price.

 

The resale condominium sector is following the same trends. Available new listings increased by a marginal 3%, while sales increased a substantial 64% week over week. Nothing truly shows the pure strength of the condo market like the number of transactions that took place at or above the list price and last week in the 416 it was an exceptional 57% of units sold.

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Countdown to Cannabis in Canada October 17th, 2018  Canada becomes the second largest country with a legal national marijuana marketplace. Uruguay launched legal sales last year, after several years of planning.  Many are speculating how the decision will affect society and the economy. We as realtors will see inquiries from our clients as to what the impact of legalization on real estate will be and how will it affect residential property markets. If we look at what is happening in Colorado, the results showed that single family homes situated within 0.1 mile of a recreational marijuana store experienced an increase of 8 per cent relative to homes farther away. Whether Canadians homeowners also see a high, remains to be seen!

 

In the freehold market new listings have eased off nearly 28% from last week. Almost the entire decline in new listings occurred in the central core. But the great news is sales were up 16%. With a shortage of listings and a big demand, a good indicator of market strength is the number of sales at or above the list price, which sits at a healthy 62% for this reporting period. 

 

In the condo market we also saw a modest decline in new listings, down 9% from the previous week. Despite the slight reduction in the number of sales, over 53% of units traded at or above the list price, which shows that buyers are out there, but inventory is low. Condominiums will face an increasingly complex array of issues with the new Cannabis Act. The impact will be far-reaching and will pose challenges for condos, as Toronto dwellers are eager to light up inside their homes, but they may see that dream go up in smoke!

 

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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For most people the New Year starts January 1st, but for some others, teachers and realtors included, the day after Labour Day everything starts new on that day. We are heading to the start of the fall market and there seems to be quite a buzz about all the new listings ready to hit the market. Houses for sale in prime Toronto neighbourhoods are scarce these days. After a quick uptick in listings and activity the market has backed off to traditional summer levels. Agents are telling their sellers to wait until after the labour day weekend to list.

 

While price growth has been mostly evident in the city of Toronto so far this year, other regions still have a long way to recover from 2017.  (See link attachment.) As the summer winds down, we have nothing to complain about. It was one of the hottest we have experienced in some time.

 

In the freehold market we saw a slight dip of 22% in new listings week over week, while sales continued to hold steady. Low inventory levels are driving up prices and producing multiple offers in nearly 48% of home transactions last week. The condo market was the reverse with new listings holding steady but a 36% drop in sold units. Sales at or above the list price are currently at 36%, which is a solid indicator that the condo market is still trading well.

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The dog days of August are upon us, but great news for the Toronto Real Estate market. The average sale price for the City of Toronto in July was $824,336, up 8% compared to July of last year which was $759,441. The positive results over the last two months are very encouraging. Toronto's housing market seems to be stabilizing from the federal government's tighter mortgage rules that came into effect in January. The scarcity of listings helps to keep prices firm. Buyers who were cautious are feeling a little more confident the market does not have further to fall. With all this encouraging good news it looks like we could be trending toward positive territory for the second half of 2018!

 

The freehold market recorded a 29% uptick in new listings last week. Most of the new listing activity was recorded in the central core, with 16 new listings priced above $3M and as high as $39M. Sales however took a tumble last week with 30% less sales then the week before. Clearly, people were thinking more about enjoying a cold beverage by the lake with the long weekend approaching, than buying a house. But having said that 53% of all homes sold, occurred at or above the asking price.

 

Condo market buyers and sellers expressed a similar sentiment. This seems in line with historical trends as we are now in the summer month of August. New listings were up 36% from a week earlier and the majority of the new listings were in the $400K to $700K price range once again. Though sales were down by 28%, overall sales activity remains brisk with 51% of condos selling at or above the asking price.

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0, Canada: Canada Day- Summer may officially start June 21, but for many, Canada's birthday heralds the official kickoff of summer. For parents it means no more early morning rush to get the kids packed up for school and traffic around the city gets a little lighter. As we cruise into the hot summer months we have the opportunity to take a bit of a breather from our fast-paced lives, take a trip out of town, or enjoy time sitting by the dock or under your favorite patio umbrella ... unless you are trying to buy a house, in which case all bets are off.


After a flurry of listing activity in the last two weeks, listings tapered off last week by 7% and sales were also down by 5%. It's not unusual to see this happening a week before a long weekend. The high-end price range of $3M plus saw 23 new listings come to market last week. Competition for homes is still strong with 53% selling at or above the asking price. We believe that buyers are still very active in the market place but are taking a but more time to make a decision.

Last week in the condo sector there were 10% fewer listings on the market but we were excited to see a 15% increase in sales week over week. Of those recorded sales, 58% sold at or over the list price. Bigger suites in the downtown core,

particularly those in the $700k - $1.Sm range are receiving the most attention with over half selling above the list price.

 

"Great promise and responsibility await Canada. As we look ahead we will continue to rise to the most pressing challenges we face. We will meet these challenges the way we always have -with hard work, determination and hope.”

J.Trudeau

 

Happy Canada Day!

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As we transition from dreary wet weather to sunshine and cherry blossoms, everyone seems to be smiling and there is a new bounce to our step. Even though we have seen a significant increase in new listings for freehold and condos last week, the Toronto real estate market remains fickle. It's hard to predict which properties will be snapped up and which will languish. Will the Toronto market see a mini-resurgence this spring?


The freehold market recorded a solid 25% increase in new listings last week. Most of the new listing activity was recorded in the central core, with 57 new listings alone priced from $1.SM to $3M. The media reported this week that the luxury home sales have tumbled from last year. 90 single family home sales fell into that category between January and March this year, compared to 281 in the same period last year and 110 in 2016. Luxury homes are defined as those that cost at least three times the median price in the overall market. The number of sold properties dropped by 12% last week but a strong 77% sold at or above the list price.


A similar market exists in the resale condominium sector with a 25% increase in new listings. Sales followed suit to the freehold market with a 12% drop in the number of sold units, but of those 48% sold at or above the asking price. It is important to note that condos priced in the $400 -$700 price range continues to be the condo sweet spot reserved for home buyers abandoning their hopes of buying a home with a backyard.


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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