This Fall has not been kind to our city. First, the Blue Jays got knocked out of the playoffs, then the Federal Government introduced tighter mortgage regulations. It was nothing more than a one-two punch to the stomach. But hey, we’ve been down this road before and if any place can be resilient in the face of adversity you know it’s Toronto. We just get back up, dust ourselves off and get back to business.
Clearly, homeowners aren’t terribly concerned about the market these days. Yes, listings went up last week by 26.5% and while sales remained consistent with the previous week, activity was much stronger as nearly 78% of homes sold at or above the list price. That is the highest level of activity since the Spring market of 2016. Still, the sweet spot for downtown Toronto remains as single-family homes in the $700k-$1.5M range. The notable slow spot last week was the ultra, high-end home ($3+m) that only recorded 8 sales last week compared to 18 the previous week.
The condo market had another stellar week with a modest 8.1% increase in the number of new listings to just shy of 400 units. While sales tapered off by a negligible 3.5% excitement in the condo market reached a new record with 47.1% of all sales last week trading at or above the list price. Nowhere is competition more fierce than in the east core where 14 out of the 16 sales that took place received multiple offers.
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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