The other day we saw someone wearing shorts. No, seriously. It wasn't just some random kid trying to make a point either. It was actually warm outside which leads us to believe that road construction is just around the corner. If you are hoping to avoid traffic gridlock this summer, get that home purchase out of the way fast. At least that’s what many are doing right now.

New listings shot up over 32% since Easter. With more choice, it is clear that people are being a bit more selective. Sales increased by  5% and homes selling at or above the asking price backed off to 70% compared to 75.4% just a few weeks earlier. We thought it was interesting to note that the $3M+ category had one of its best weeks of the year recording 13 sales. For first time buyers, the east core remains the hot zone with 90% of home transactions happening in multiple offers (compared to 70% in the west core).

We love what`s happening in the condominium sector so far this year. Listings continue to trend upward (20.2% over the past two weeks) but sales have outpaced that growth substantially. In the same period, sales have accelerated by nearly 37%, one of the biggest increases since we have been keeping track. Clearly people are looking “up” when considering a new home as competition for good space continues to grow. This week, 28.2% of condos traded hands at or above the list price.

Get excited people!  This is your sneak peek preview to a fabulous detached bungalow in Danforth Village coming to MLS on Tuesday... Watch for it!  Full details to come.

In case you were wondering what happened in March!..

Are you feeling confused and a bit out of sorts? It is most likely due to the “Holiday Vortex”…. Too many long weekends packed together. Fresh off March Break we rolled straight into the Easter long weekend. Common symptoms include weight gain and anxiety due to increased chocolate levels. Nevertheless there is one group that worked through the stress….Buyers, who despite fewer listings, racked up some impressive sales figures last week.

New listings in the freehold sector have had some ups and downs this year. Last week available listings fell 24% over a week earlier however sales exploded by almost 100% in the same period. If that doesn’t make you stand up and take notice, maybe this will….Over 75% of homes sold in the central Toronto corridor happened at or above the list price. This is the highest level of 2015 so far. No surprise that the $700K-$1.5M price range is the most active in the central neighbourhoods while the $400K-$700K are the most active in the east and west.

Meanwhile, the condominium sector recorded a 13% drop in new listings last week. While that follows the same trend as its freehold counterpart, we were surprised that despite sales dropping by nearly 24% (from 218 to 176 units), over 27% of sales happened at or above the list price. Our research indicates that the most coveted condominiums are ones located in established neighbourhoods and tend to be marketed towards end users.

Have you heard?  Danforth Village is going to be totally revitalized with the new condos.  There is already Carmelina Condos just west of Woodbine, all built and soon to be complete.  But this one is called 'On The Danforth', and will be on the south side between Morton and Westlake.  It looks like it will be a great project, and I'm registered with the builder to get all the latest information, floorplans, pricing etc. first!  They have yet to formally launch, but I expect that to happen any day now.

So if you want to be kept in the loop of this exciting new development, let me know!

Now that March Break is 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. While there are just some puns you never tire of it is clear that Buyers and Sellers are back and are more determined than ever to get settled before the summer.

The freehold sector has witnessed its biggest increase of the year with listings growing by 70% across the downtown core. There is still a bit of catching up to do on the sales side however. Last week sales of existing units increased by 25% but is still below the sales activity recorded before the March Break. We are expecting sales levels to drop over Easter but to rebound quickly and remain high for the next few months.  It is interesting to note that the number of homes sold at or above the list price has remained consistent throughout the month, hovering around 62%.

The condominium sector does not appear to play under the same rules as its freehold counterpart. Listings have been increasing slowly since the beginning of the year despite holidays and inclement weather. Last week new listings moved 8% higher to 739 units. Sales have been trending upwards as well, increasing by 8% over the same period. We are still reporting close to 23% of condo transactions happening at or above the list price which points to continued strength in the high rise market.

If you’ve been following real estate trends for the last few years then you’ve probably witnessed the direct correlation between the weather and listing and sales activity in the city. The simple fact is that everyone hates to trade in real estate when it’s too cold or too hot. Case in point, we are climbing out of the deep freeze and as such, there is more activity in the market.

Be still our beating hearts. The freehold sector has turned up the heat. Last week alone we watched listings climb by 12% across the central core but the big news is the 76% increase in number of sales. Of those sales 64% were above asking. It is interesting to note that at this time last year we had 15% more listings (325 compared to 283) and 11% more sales (164 compared to 148). That tightening of supply has created more multiple offers than one year ago (61% last year vs 64% this year). As we move into Spring Break, we expect things to move a bit slower over the next two weeks.

The resale condominium market seems to be having a solid start this year. Our agents are reporting more multiple offers in what is considered more boutique style buildings, those low and mid-rise condos and lofts located in established neighbourhoods. While listings have increased nearly 20% over the last two weeks, sales have been exceptionally strong, increasing by 22% over the same period and the number of multiple offers climbing to 23.5% compared to 13.5%.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have three centrally located offices and over 230 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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 report on the true temperature of the real estate market.

February's infographic is here...

https://decadiaries.wordpress.com/2015/02/22/decas-new-drivers-scene-3/

And here's the DECA post to share my announcement that I am one of their new board members!..

I hope I can as useful and the original group that started Danforth East Community Association, and make some real positive change here in Danforth Village.

See you at Vincenzo's!

New condo coming to the Danforth!  If you want to be kept in the loop on this project, just let me know.

Friday the 13^th is generally believed to be a bad luck day. But with a boiling Toronto real estate market, low interest rates and tight new inventory, today is a good news day for sellers who have been holding out, waiting for their ship to come in. It’s kind of like going to the grocery store for batteries the day before the big hurricane only to find the shelves are bare while the kid outside is selling them for twice the price.

We’ve been collecting weekly sales data for a while now and it is often fun to look back a year and compare markets. For instance, last year at this time, there were about 200 new freehold listings in the downtown core. Today it is only marginally better at 210. While we have been tracking upward in the number of listings since the beginning of the year, the extreme cold has generally slowed that trend down. The big difference is the number of sales. Last year there were 75 sales while this week we registered 148 sales with well over 60% selling at or above the list price.

The resale condominium sector is following the same trends. New listings are only slightly higher than the same period last year (516 compared to 489) but sales have climbed by nearly 20% and the number of condos sold at or above asking has hit another record (27%). While there seems to be adequate inventory across the downtown core, our research shows that the most desired suites tend to attract end users in boutique buildings in established neighbourhoods.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have three centrally located offices and over 230 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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 report on the true temperature of the real estate market.

Building a community, one layer at a time: Porter

At Stephenson Park, neighbours have come together to build a community ice rink. On Sunday, they host their first skating party.

You’re invited!

If you would like to come to our Board meeting on February 10 @ 7:30pm at a local establishment along the Danforth, send an email to info@danfortheastcommunityassociation.com for more information, and we’ll add you to the list.

Why come to our meeting? Lots of reasons! Because you want to get involved. Because you want to hear more about us. Because you feel like it. Any reason is a good reason to come and hang with us.

Because this is our first official Board meeting of 2015?!

Hooray!

https://decadiaries.wordpress.com/2015/02/03/deca-board-meeting-feb-10/

Earlier in the year, Tom Bosley, president and broker of record of Bosley Real Estate Ltd., realized the time was ripe to re-energize his business and refine or change what they’ve done in the past in order to be better and stay ahead of the competition.

I'm excited to be on this journey with such a forward thinking company, and look forward to a bright and prosperous future in the Toronto Real Estate market.

http://www.remonline.com/tom-bosley-adapts-thrive-changing-market/

Some things are a sure thing, death, taxes, and winter!  

Ah January. The month of new beginnings, salt stained trousers and increased listings. What we can tell you right now is that 2015 is starting off with a bang as listings continue to grow…and not a minute too soon. One just has to look at the number of multiple offers to know that demand remains high. Our office coffee consumption is also ramping up, so we know we are in for another busy Spring Market. 

We can collectively hear home buyers breathe a sigh of relief as more listings come to market. Across the downtown core, freehold listings jumped by 67% since the early part of the month to 221 units. That exuberance is only tempered by sales which increased by a remarkable 95% over the same period. Of those sales, 53% sold at or above the asking price. There is no question in our minds that all these numbers will improve over the coming months. 

After a quick run up in the number of condominiums coming to the market at the beginning of the month, it`s comforting to know that the number of new listings has stabilized. Meanwhile sales have increased by 30% in the downtown core and units selling at or above the list price have moved from 9% at the beginning of the month to the current level of 17%. With a lot of media coverage over the record prices in both the low and high rise sectors of the new condominium market, we expect that Toronto`s existing inventory will see healthy price increases this year.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have three centrally located offices and over 230 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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 report on the true temperature of the real estate market.

What’s with the Toronto real estate market?  Will it ever stop?  Well here is what my crystal ball says for 2015.  If you are wondering when to buy, the answer is unequivocally NOW.  If you are wondering whether it is a good time to move up, the answer is YES.  If you are wondering whether to downsize now, the answer is YES.  While my real estate fingers remain crossed as always, I cannot help but point out that this is the Perfect Storm for real estate investment provided you act NOW.

The reality of the market is this.  First time buyers should not wait.  Toronto home prices continue to increase while lending rates decrease.  Move-up buyers should not wait.  With increased equity in their existing home due to steadily rising prices and decreasing interest rates, the opportunity to move to a larger home for little or no increase in mortgage payments is NOW.  And finally, the last of the downsizing baby boomers, should sell NOW, while decreasing rates enhance the affordability factor for move-up buyers.  Have you ever heard the expression, ‘take your money and run’?

There are three caveats to the present scenario.  Always pay your mortgage bi-weekly.  A five-year, $1,000,000 mortgage, at 2.89% interest, paid monthly has a balance of $852,932 at maturity.  The balance owing on that same mortgage, paid bi-weekly is $827,932.  Not a bad return for an adjustment in a payment schedule.

The second caveat is SAVE IT FOR A RAINY DAY!  If you have the money now to pay down your mortgage but would rather continue to take advantage of the low rates, SAVE IT!  When the time comes to renew your mortgage at presumably a higher rate, you will have the cash to pay down your balance, thereby offsetting the increase in rates.

And finally, real estate is a market.  A market goes up and down.  Therefore, if you are on the move, always buy and sell in the same market.  Do not rent and wait or you could find yourself priced out of the market, unless your crystal ball is better than mine!

All the best for 2015!

Corinne

Join the Friends of Stephenson Park on Febuary 15th for a skating party and bonfire.  There will be hot chocolate!  See you there.

Sponsored by REC Athletics www.recathletics.com and The Pantry Fine Cheese www.thepantryfinecheese.com

Looks like Coxwell Subway Station will be getting some upgrades.  

Check it out, and maybe go to the Open House for further details if this will impact you.