Ground Control to Major Tom, take your protein pills and put your helmet on. And just like that the Fall market has started. In case you have been away this summer it might be worth a quick recap on just where we are in the real estate world. After a rocking great start to the year with record sales through April the provincial government created their Fair Housing Plan, including their new rules on rental properties and a foreign buyers tax. Not to be outdone, the federal government then joined the chorus with not one but two increases to the prime interest rate that the banks were only too happy to embrace and have begun to hum the tune of stricter borrowing rules that we have heard before. While the municipal government has kept out of the legislative choir it seems they are mostly hoping all these measures to cool the market don’t work too well, because gosh they really need all that income from the land transfer tax. So what does all this mean to Toronto’s real estate Fall market? It’s a bit too early to say. What we can say is that perhaps we are not all singing the same tune. The media continues to sing the song of market collapse while from the background singers we are hearing whispers of homes selling with 8 offers and multi-million dollar Rosedale mansions selling after one day on the market.
The freehold sector was up a whopping 450% or five times more new listings than the previous week. This is not unusual for so many listings coming out after labour day. What was unusual was the amount of sold listings down by almost 50% from the previous week, with 20 per cent selling over the asking price. What was notable last week was 29 new listings in the central core listed above $3 million!
The condo market also saw an increase in new listings. Up 200% over the previous week, with the sweet spot being the $400k to $700k. While sales tapered off 45% over the previous week, a substantial amount (34%) of the sales, sold over the asking price. The condo rental market is fierce these days. New listings don’t even last a day and most end up in a bidding war. The average one bedroom in Toronto is now $2,089 a month!
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.