MARKET UPDATE FOR THE WEEK ENDING MAY 2ND

With Easter behind us, and our hopes dashed for a Raptor playoff run, it’s time to concentrate on the task at hand, get that house all gussied up for the Spring market. There are flowers to plant and porches to paint. Curb appeal, after all, is the name of the game.  As if but a dream, the real estate market is back in full swing.

Freehold home listings saw a 16% increase last week with the biggest gain happening in the East and West core, particularly in the first time buyer segment ($400k-$700k). This is great news for people looking to get into the housing market however, competition remains tight. We were somewhat shocked to see a 74% increase in the number of sales last week. 62.5% of homes traded at or above asking price. You probably heard the one about the house that got 72 offers. Let us be the first to state that is not the norm. A good house, well priced, and given enough time on the market should get 2 to 6 offers depending on location, price and condition.

Meanwhile, in the condominium market, no news is good news. Available listings increased by a marginal 5% while sales increased nearly 14%. As long as sales outpace new listings we can sleep well at night. Sales happening at or above the list price seem to be hovering in the 20-30% range, which we consider to be very healthy.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 220 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.

I had to write about this... I'm so excited there's a fabulous new yoga studio in our very own Danforth Village!  Rebel Therapy on Woodbine and just north of the subway.  It's a pop up, so temporary space, maybe, but for now get yourself into the studio and try out a class or two.  Yoga, Pilates, and running are on the schedule, and the studio is lovely, new, and clean.  Dressing areas and a bathroom in the basement, and a lovely small class environment for lots of hands on corrections and personal attention.  Karla Jang, the studio director is a natural, and very organized.  I see a long term studio in our future!  http://rebeltherapy.ca/home.html

     For all of us that live in Danforth Village, yes, this is exciting news indeed... The Woodbine subway station will be lovely!  We'll have to wait until 2017, but by the looks of things, it will be worth the wait.

     Woodbine subway opened it's doors in 1966, and now the renovations will finally make it accesible to everyone.  It will have 2 elevators, and another entrance on the north west corner of Woodbine and Strathmore.  That means no more people risking their lives to run across the street.  I've always felt getting to work on time maybe isn't worth risking your life for?!?  

     Over 13,000 people use the platforms at Woodbine subway each day, so that's a lot of people who will be enjoying the much needed revamp of our station.  Not to mention localized repairs inside and out of the existing station, new ceilings and lighting, stair and paving repairs, and enhanced landscaping in the community garden and bus terminal area.  

     Lovely, and thank you TTC!

An interesting read on Toronto house flipping.  I was misquoted by saying "delectated" instead of "delapitated", but you get the point...

http://jamiesarner.com/toronto-real-estate/2014/01/house-flipping-toronto/

Someone agrees with me... and in print!  Article in the Toronto Star by Mark Weisleder in Dec 2012.

http://www.thestar.com/life/homes/2012/12/21/why_gta_housing_market_will_stay_strong_in_2013.html 

The media is talking about a cooling market, experts say a more "balanced" market is in our future... have they been through Leslieville in a while?  Last night I was part of (and lost) a multiple offer situation on a house that needed a bunch of reno's.  There were 20 of us bidding, and it went waaay over the asking price, which wasn't that far off.  It's a gong show out there people!  Sellers... if you are hesitating to put your house on the market... Do it now! There isn't enough product out there for all of the Buyers looking.