Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

Usually by this this time in February we are normally gearing up for the spring market to start. One problem however...Seller’s didn’t get the memo. Like most of last year we continue to struggle with low inventories, Is it economic uncertainty that is causing this or is affordability the likely culprit within the freehold sector? Despite a continued increase of listings over the last few weeks it is important to note that overall listings for freehold homes is down significantly from last year, despite the influences of a brutal winter of snow storms and freezing rain. This is not the news that buyers want to hear as they are still out there waiting to purchase.


The freehold sector last week saw a 29% drop in new listings but an increase in sales up by 7%. The good news is the number of sales is 20% higher than a year ago and the percentage of sales at or above the list price remains at a notable 54% which indicates that bidding wars are still happening in certain neighbourhoods. We are experiencing very localized market conditions. The number of new condo listings also continued to contract last week while demand and sales were up 7% from the week before. With fewer listings the increased competition resulted in 42% of available condos selling at or above the list price. We are still experiencing the impact of the “stress test” which varies by location, housing type and price.

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The Toronto Real Estate Board released its market outlook for 2019 this week and the forecast is all good news! It’s predicting the average sale price to be about 4% higher for 2019 and a moderate increase in total sales to come in around 83,000 ends, compared to 77,375 sale ends we had in 2018. It’s also encouraging to see a slight increase in the selling price for The City of Toronto in January, coming in at $777,674 up 1.4% compared to January 2018, and up 1.9% from December. Taking into account the entire GTA region the number of transactions edged upwards and inline with TREB’s forecast for higher sales in 2019.


The resale condominium market continues to lead the way in terms of price growth, up 8.8% on a year-over-year basis with the average sale price at $591,444 for the City of Toronto. The rental market in the GTA is expected to remain tight in 2019 with the supply of rental units still expected to be of concern.


The number of new freehold listings decreased last week but that could be because of the massive snowstorm Toronto had. 20% fewer listings week-over-week created increased competition with 45% of sales selling at or above the asking price. The busiest part of town is still the east end of the city where multiple offers are still the norm. More than 85% of the properties sold over asking.


The condo sector saw a small 6% uptick in new listings last week and no change in the number of sold condos from the previous week. TREB has based its predictions on a lpsos survey and 26% of those looking to buy this year are planning to buy a condo. The proportion of buyers who are planning to buy their first home are still finding it difficult to qualify for loans under the new mortgage stress test.

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Toronto is digging itself out of a major snowfall this week and now a polar vortex of extreme cold has moved in. Looks like the spring market will start a little later this year. So far in January the market has been “slow”. In traditional years that was typical for the first month of the year, but we have been spoiled with the last couple of years where house hunters were eagerly pouncing on listings as they appeared in January. FOMO ‘fear of missing out’ has calmed a little. This is not the case for all of Toronto. Certain neighbourhoods are still crazy busy, especially Riverdale/Leslieville where 75% of the properties sold last week in a bidding war.


Freehold listings across the 416 where down 23% last week and this continues to be a source of concern. Sales on the other hand have doubled from the week before. In the central core, there were no new listings below $700k, 29 between $1.5M and $3M, and 28 new listings over $3M. The east core continues to be a hot district where sales are outpacing new listings by a 3 to 1 margin.


The condo market has an equal share of heat this week as well. Sales of existing suites has outpaced listings. It is evident that the contraction of listings (down 32% from the previous week) and a small increase in sales (up 8%) is having an impact on pricing, with over 50% of condos sold last week at or above the list price. The majority of sales that occurred were in the $400K to $700K price range.

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Ah January. The month of new beginnings as we all wait for the real estate market to take off. Generally speaking January is a slow month for new listings and the weather has been kind to us, but research indicates that listings in the freehold sector have backed off substantially from a year ago while demand has not wavered. The Bank of Canada decision to hold its benchmark interest rate steady, and RBC lowering its mortgage rate 15 basis points yesterday with likely more cuts to come, has given some people hope they'll be able to buy or trade up.


In the freehold market listings continue to be a source of concern. Compared to the same time last year the east end of the city (E01-E03) is way down in listings. But we are seeing multiple offers starting up again. A listing in the east end listed for $649K attracted 14 offers and sold for $853K. Are potential sellers reluctant to list their properties for sale in this uncertain market? The buyers are out there waiting.


The resale condo market on the other hand has started off with a boost in new listings, almost 50% more than a year ago. The sales are virtually the same but 2019 is starting off strong with 58% of the condos sold in the downtown core selling at or above the list price. As many as 25,000 finished condo units will be delivered this year. That's a big supply jolt for a market that has delivered fewer than 15,000 finished units over the past two years.


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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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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