Corinne McCabe , Broker

Is it safe to say that the Toronto real estate market is moving into uncharted waters these days? The go to response to the steady increase of prices has been the lack of listings, high demand and low borrowing costs. Are we seeing a flashback to early 2017? What has transpired are stories of multiple offers, wild bidding wars and many broken dreams. So, what should we expect as we move forward this year? We complained about not enough listings last year too, so we expect to see high demand pushing prices in an upward direction for the unforeseeable future.

The freehold sector is starting to show signs of life as we saw more listings come to market last week. Compared to last year at the same time though we are down 32% in new listings. The lack of inventory discourages some buyers from even looking because they don’t see much selection out there. That in turn suppresses supply because they’re not listing their existing homes. With more sales than listings happening the increased competition resulted in an increase 48% of available properties selling at or above the asking price.

If you thought of shifting your dreams of home ownership to the condo market would make life easier, be prepared for a little disappointment. Throughout 2019 we watched as competition for resale condos increased dramatically from about 35% of all condos selling at or above the list price at the beginning of the year to over 48% by December. January 2020 has not shown any relief. In fact, last weeks numbers showed that 55% of condos sold in multiple offers, thanks in part to a shortage of listings coming to market. Compared to last year at this time we are down 27% in new condo listings.

It was sort of a flat week for real estate. It seems buyers and sellers are waiting for the market to “show its colours.” Agents are eager to start showing properties but our research indicates that listings in both the freehold and condo sector have backed off slightly from a year ago while demand has not waivered. The condo sector is off to a good start with 32% more units sold so far this year compared to the same time a year ago.

The condo market stats were released this week and it continued to perform very well in 2019, with strong growth in sales and average price. It’s a relatively affordable entry point into home ownership for first-time buyers. Year-over-year price growth in the City of Toronto, which accounted for 71 per cent of transactions, was similar to the GTA, coming in at an increase of 10.3% resulting in an average price of $660,379. 

Tighter market conditions in the condo market translated into increased competition between buyers. The popular sweet spot price for condos is in the $600-$700 price range.

The condo apartment rental market was better supplied throughout 2019 with the number of listed condos up 35.6% compared to 2018. Strong job growth across all sectors combined with cultural diversity continued to fuel population growth in 2019, and all these people needed a place to live, with many initially pointed to the rental market. Average condominium rents were up year-over year. The average one-bedroom condo was up 3.1% to $2,209 and a two bedroom condo was up 3.4% to $2,868 a month.

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.

Happy New Year! A new year and new decade begins. Let’s sum up the real estate market for 2019.

• GTA realtors reported 87,825 sales through TREB’s MLS system — up 12.6%

  compared to 78,015 for 2018 - the decade low.

• New listings entered into the MLS system (153,000) were down 2.4%

  compared to 2018

• The average selling price for the GTA was up 4% to $819,319 and for the

  City of Toronto the average price was up 5.6% to $874,834

• The average sale price for a condo in Toronto was up 10.3% to $656,233

  compared to $594,381 in 2018.

The real estate market surprised most housing economists in 2019. It started off slow with slumping sales and price declines but quickly turned a corner as home buyers who were on the sidelines moved back into the marketplace starting in the early spring. Buyer confidence rallied with a strong economy and declining mortgage rates over the course of the year.

With home sales showing no signs of fading in the new year, all eyes will be on the supply issue. Buyers are hoping that a new year will bring a rush of new listings to market, but industry leaders are not so optimistic as the market ended last year with a plunge in inventory that sent prices in the opposite direction. Toronto’s home prices are predicted to rise 6% this year. This is due to a strong local economy, high employment, strong immigration and mortgage rates are unlikely to rise.

It is too early to predict what will happen. Generally speaking, January is a slow month for new listings, but demand is high and the weather has been kind so hopefully we will see a faster release of new properties on the market.  
The waiting game begins!

Last week's real estate market update could best be described by the simple phase "no news is good news". Across the downtown core, the east side and west side it appears that while listings are inching lower, there is plenty of appetite for buying a home, but the inventory is not there. We are witnessing the last hooray before the listing taps start to close over the winter holidays. Give it time though. In talking with our agents, we know that many buyers are waiting patiently for the spring market. In a couple of months pent up demand will return and buying a home will look like Black Friday at a big box store.

The freehold sector saw an overall drop in new listings and sales throughout all neighbourhoods. New listings were in short supply down 6%, and sales only saw a small 2% dip. However, because of the shortage in new listings we are still experiencing multiple offers and a whopping 62% of all sold properties sold at or above the asking price. There is a clear indication that on a year-over-year basis we are still well ahead of 2018. So far this year the Toronto Real Estate board has recorded 76,413 sales compared to 68,084 last year.

The condo market also saw a small dip in new listings last week, down 14%, but the good news is sales were up 13% week-over-week. There was also an increase in the percentage of properties selling above the listed price, up to 51% from last week's 43% selling in bidding wars. With the increasing average price for freehold properties going up we expect the condo market to remain strong in the coming new year.

HO HO HO here comes Santa! The annual Santa Clause parade comes to town on Sunday and if that doesn’t signal the start of winter then this week’s blast of early snow sure did. Despite the early onset of snow and temperature drop there is no sign that the real estate market is slipping into hibernation yet. A shortage of listings has been the problem for most of the year but when we ask around the office if agents have buyers they are working with everyone puts their hand up. We know there are many frustrated buyers out there, but we would encourage them to all keep looking. If you are thinking of putting your buying intentions on hold you might pay the ultimate price when prices escalate in the Spring...just like

they did last year.

Clearly as we see the year start to wind down freehold listings are not increasing week to week. Last week we saw an 8% drop and sales also dropped by 7%. These statistics are not uncommon when you compare to previous years. Its more a statement of the approaching winter market. Still, sentiment for home ownership remains strong as nearly 61% of sales happened at or above the list price.

The condo market on the other hand saw a 10% increase in new sales last week, but a sharp drop in sales down by 24%. Multiple offers once reaching a high of 52% of suites sold back in October has diminished to a still healthy 43% of condos selling at or above the asking price. We are still seeing heightened activity in the more price-friendly price point for first time buyers being between $400K to $700K.

The Toronto Real Estate Board released the market stats for the month of October and all we can say is we are UP! October continued the string of strong performances. Beginning in the spring the Toronto and GTA market have shown month per month growth in sales and sale prices. The average sale price for the City of Toronto is $925,498 up 6.4% from a year ago. The number of sales has also increased by 8.7%. Still the growing concern is the lack of inventory with active listings down almost 6% compared to last year resulting in tighter market conditions and accelerating price growth.

Last week in the city the freehold sector saw a 10% drop in new listings. Sales were also lower than the previous week, down 12%. We are still witnessing a bit of everything, with some listings sitting on the market, some listings selling in crazy bidding wars and scores of potential buyers cautiously waiting for the right house. Still, sentiment for home ownership remains strong as nearly 55% of home transactions in the 416 sold at or above the asking price.

The condo market did not see an increase in new listings but rather a 12% drop from the previous week, but sales were up 9%. The condo sector stats for October were also stellar. The average condo price came in at $662,631 up 9.8% from October 2018. With nearly 50% of sold units still happening at or above the list price, the condo market continues to lead the way in terms of price growth in the GTA..

With no distractions to stand in our way for at least the next month or so we should see a return to a more customary fall market. No more holidays and disruptions just a steady pace of more listings and sales to continue. With two months left in 2019 there is still plenty of transactions on the horizon and our research shows there are plenty of buyers waiting for the perfect home.

Last week freehold listings shot up 53% considering the prior three weeks were sluggish. The crowd of hopeful sellers all waited to list their properties as soon as Thanksgiving was over. Certain neighbourhoods are still crazy busy, especially Riverdale/Leslieville where “special” properties are getting snapped up in a day. We are seeing sale prices surpass the craziness of the early days of 2017. Again, with the shortage of listings we are experiencing very localized market conditions.

The condo sector held steady in terms of new resale listings as the number of available suites dropped a marginal 5% from the previous week. Sales were also down however the demand is still visible with 44% of units selling at or above the

list price. CMHC is forecasting a robust market for the next two years. Conditions in Toronto mean first-time buyers are likely to face stiffer competition for homes therefore looking for more affordable types of housing like condos. Condo prices will remain strong because they feed the demand for homebuyers but also investors buying to rent out their unit.

Home sales continue to rebound as sales jump across the country. It’s the seventh straight month that home sales have grown with an upswing in activity, and record prices in Toronto and the surrounding suburbs. This has many people concerned as to the affordability which has become a major issue in the upcoming federal election with all major parties promising to improve affordability, particularly for first-time buyers. With all this uncertainty and the Thanksgiving holiday last week, it did contribute to a slowdown in both listings and sales in all neighbourhoods of Toronto. As we wade into the final days of the election, we shall soon see who will hold power. Get out and vote!

The freehold market continues to follow the long weekend pattern with listings down 32%, while sales remained consistent with the previous week. Sales at or above the list price also fell slightly from the previous week to 54%. The east end

is still leading the pack with 63 percent of sales sold at or above the asking price.

The condo resale market has finally broken from tradition by mimicking its freehold rival. Listings were off pace, down 12% from last week while sales tapered off by 11%. Sales at or above the list price dropped to 43%, the lowest its been since the summer months. The hot spot in the downtown core is the $450,000 to $700,000 price range with one out of every two condos selling at or above the list price.

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.

Now you can get comprehensive school and neighbourhood information with me. Search any neighbourhood in Toronto or beyond, and get free reports on schools, transit, neighbourhood information and available homes for sale. 

Visit SchoolQ.com/corinnemccabe and get searching. Enjoy!

With the change in temperature and the end of that laid-back mood of summer, fall always feels like a shift in gears. Changing around your wardrobe and getting ready for those cool days and nights are almost upon us. With the fall market in full swing, the unpredictability of Toronto real estate is perplexing at times. Sales have been recovering and stronger than we expected in recent months. It seems that we are in full recovery with 6 straight months of sales increases for existing homes. Mortgage rates are dropping, and the impact of the mortgage stress test seems to have  diminished slightly. Sellers are becoming a little bit more realistic in their pricing, but listings still remain low causing fierce competition among buyers.

Last week the freehold market saw a small 13% dip in new listings from the previous week. It is interesting to note that fewer listings did not dampen buyer’s spirits. Overall sales for the week shot up an impressive 41% from the previous week and as expected, supply and demand economics propelled 71% of sales at or above the list price. Most of the activity was centered in the east end again in the Riverdale, Danforth Village, Leslieville and Beaches neighbourhoods. We love witnessing the condo market’s continued success. Listings were up slightly last week by 3% from the previous week. Sales had a healthy 17% increase week-to-week. Keeping in line with previous weeks, 45% of sold units are still happening at or above the list price. The condo market continues to lead the way in terms of price growth in the GTA.

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.

Happy Friday the 13^th. Ah September. Our favorite month. The kids are back at school, the days are still warm, the nights are cool and we are all getting back into a groove. For us, September means more listing and sales activity and its time to open the floodgates for new property inventory. August inventory levels were challenging at best, but there was a sales rebound in Toronto which means house prices are rising once again. With the number of homes available for sale down by 11 % over the past year, competition between buyers is heating up again and multiple offers are once again on the rise.

Canadian homebuyers seem to be getting used to the new mortgage rules, and there have been some important changes at the federal level that are expected to help homebuyers:

•   The mortgage stress test qualification bar was recently lowered from 5.34% to 5.19% increasing purchasing power marginally.

•   The First Time Home Buyers Incentive (FTHBI) took effect on September 2, whereby eligible first-time buyers can get a shared equity government loan to help with the down payment.

•   The Home Buyers Plan (HBP) withdrawal limit increased from $25,000 to $35,000, toward the purchase of a first home.

•    Rumours of interest rate drops are circulating. Current mortgage rates can be found starting as low as 2.19% to as much as 2.89%.

The freehold sector witnessed a huge increase in new listings last week which clearly signaled the start of the fall market. There will be a week long lag in sales as the majority of these listings have offer dates for the following week.

The condominium sector performed similarly with an increase in new listings. Up 84% from the previous week with the centre of action being between $700K to $1.5M. While sales tapered off 10% over the previous week, activity continues 
to be strong with 42% of condos selling at or above the list price.

The dog days of August are upon us and if you like it hot and sunny then this is a great summer, unless you’ve lost out on multiple offers and are frustrated with the low inventory of properties for sale. The good news is sales in the GTA for the month of July jumped 24% from the same period last year. Toronto sales have been rebounding all summer from a slump earlier this year as buyers are overcoming tougher mortgage qualification rules and returning to the market. With new listings slow to come to market, prices rose in July as demand outpaced supply. The average selling price for a home in Toronto in July was $839,943. The average condominium price was $627,927 up 7.7% from a year ago.

Listings may be slim right now but it’s a good time for buyers to take advantage of the slow summer with less competition, as there are deals to be found. Some buyers are watching as rivals flow out of town for their summer vacations and can take advantage of their absence to snag a good deal. Properties listed in desirable locations will always attract plenty of buyers no matter what time of the year.

The freehold sector reversed an earlier trend of increased listings by recording a slight 18% drop in available homes last week while also recording a 16% drop in sales. However, competition for those homes was up, with almost 55% of home transactions selling at or above the asking price. The condo market also saw a sharp 33% decrease in new listings from the previous week, but the sales remained unchanged with over 47% of suites selling at or above the list price.

The sun is shinning, the birds are chirping, and the hot weather is finally here —  summer is in full swing. It seems that everywhere you look, glowing faces and lush gardens greet your gaze. A laid-back attitude seems to be permeating these days. As we have settled in after the long weekend, the real estate stats were released for the month of June, and its all good news! The average sale price for a home in the City of Toronto is $915,481, up 5% from a year ago and the number of sales recorded for the entire GTA was up 10%. Home sales and prices have perked up from a depressed 2018. Buyers started moving off the sidelines in the spring, and because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types like condos.

It’s easy to see the freehold sector shifting into summer mode. Listings were up slightly last week by 9% over the previous week, but sales were dramatically down with 52% fewer sales last week in all areas of the city. If we go back exactly a year ago and check the stats, they are almost identical to now. Homes selling at or above the list price has dropped to 38%. We believe the buyers are still active in the marketplace but are taking a bit more time to make their decision.

The condo market buyers and sellers expressed a similar sentiment. The last thing anyone wants to do is hang around the city when all their friends are at the cottage. That explains the 46% decline in sales last week although listings increased by 14%. The percentage of suites still selling at or above the list price has dropped slightly down to 33%. Summer market statistics are often not the best indicators of housing market conditions.

Today we welcome summer, the longest day of the year! Back in the good old days of real estate Realtors would work hard up until the end of June and then they would take it easy for the summer months, as did the buyers. Over the past few years the Spring market has lasted well into summer with usually just a short break in the dog days of August. This year is no different. Listings may have slowed somewhat but the activity and the sales are still going strong. We think because of the weather not feeling HOT just yet, buyers are still attending open houses in droves and competing in bidding wars for that “perfect” home.

The freehold market has reversed its month-long trend by recording nearly 13% fewer listings last week. The sales have remained unchanged week-over-week but the number of properties that sold at or above the asking price was up to 62%, substantially higher than the previous weeks. This could be because inventory is lower and there is news in the media that mortgage rates might be are coming down which might be contributing to the bidding wars.

The condo market buyers and sellers expressed a similar sentiment. Listings were down slightly by 10% but sales were surprisingly up by 7% week-over-week. Increasing demand continues to push condo values higher. Of those recorded sales, 53% sold at or above the asking price. For most of this year the average sold-over-ask percentage has been anywhere between 48% to a high of 58% in the condo sector.

Raptors fever has descended upon Toronto! For the first time in the history of the Raptors franchise, WE THE NORTH are in the NBA finals ! GO Raptors Go !!! 

So back to real estate, as we expected the number of new listings to hit the MLS after the long weekend was innumerable. Buyers were waiting patiently for the impending influx of new listings to satisfy a hungry desire for a place to call home.

They now have choices. It was an interesting week with some listings receiving bully offers, some getting multiple offers and other properties we thought were priced to sell and did not get any offers. The question arises again as to “how do we price a property?” Now with more available listings should we price low or price at market value? It’s a mixed consensus when you ask around.

Freehold listings were WAY up by 59% from a week ago and the price range between $800K and $1.5M dominates. In the core of the city there were over 150 listings alone in that price range that were new. Sales were down last week by almost 40%, but again that is normal after a long weekend. And because of the fewer sales, the properties that sold at or above the asking price was only at 46%. That is a slight drop from the previous weeks.

The condo sector was a little different. New listings did not increase last week, and sales backed off by 28%. Of those condos sold 53% sold at or above the list price. The hottest price point again is the $400K to $700K across all core marketplaces which we recognize as a reaction to homebuyers being priced out of freehold homes.

“WE THE NORTH”- GO RAPTORS. Fingers crossed we make it to the finals! So, the long weekend is over, the weather is improving, and as we have seen year-in and year-out the final push is on for the spring market before we start thinking about heading to the cottage or our summer vacations. So far so good! As for the overall GTA housing market, news in the media is all rosy, and looking ahead a balance between demand and supply is setting the stage for further modest price increases in the near term.

New freehold listings backed off a substantial 38% last week which is predictable before a holiday weekend. No need to worry that is always the case as most agents choose to wait until the long weekend is over to list. Sales followed suit registering almost 8% fewer transactions and the percentage of homes selling at or above the list price is at 61%, a slight decrease from previous weeks.

The condominium market seems to have adopted a ‘slow and steady wins the race’ stance. Listings were down by 13% from the previous week while the number of sold condos saw no change week-over-week, 50% sold over the asking price. News in the media this week about several condo projects being cancelled has us concerned. Since 2017, there have been 6,350 condominium units cancelled in the GTA. Historically, projects were cancelled for lack of sales. What’s different recently is fully sold-out, large scale projects being cancelled. The builders have claimed a difficulty in getting construction financing and rapidly rising construction and regulatory costs. Some of these projects date back to 2016. They don’t believe 2019 will have as many cancellations as previous years.

As we approach the May 2-4 long weekend, we are crossing our fingers and hoping to get some warm weather so we can start our outdoor activities. Patios sit empty as we wait for sunny days. Wondering if it will ever warm up? But, one thing is for sure the Toronto real estate market is heating up. The buzz around the office has been exciting with new listings and agents busy helping buyers get their dream home. It’s an interesting market happening out there these days. Properties that look compelling and well presented aren’t getting offers on offer night and others are selling with sky high results. It all comes down to strategic pricing. Price low and wait....or price at market value. That is the big question! 

After a flurry of listing activity two weeks in a row, listings were still up but only a slight 6% increase. The good news is that sales were up 34% week-over-week creating nothing short of a mini buying frenzy. In fact, 65% of all homes sold occurred at or above the asking price.  While this is not the highest percentage we have seen this year, the east end and west end of the city both displayed 77% of properties that sold, were sold in a bidding war.

The condo market had a great week with a 15% increase in new listings, and sales rose slightly by 2%. The number of transactions that took place at or above the list price was at a steady 51%, a slight drop from previous weeks.

A senior economist at RBC sees evidence that the GTA market is turning a corner. The sales rebound in April, plus the rise in benchmark prices for a second month, suggest that the market is recovering from a dismal February/March which were hammered by winter storms.

The Toronto real estate market is here with a bang! It looks like after two years of weak conditions the market is making a comeback. Though it’s off the dizzying heights of 2017, we are seeing a significant ramp up of new listings and of course the corresponding increase in sales. On a seasonally adjusted basis, sales were up 10 per cent in April and the average sale price for a home in the City of Toronto is $903,992. Inventory levels are still low which means that even those homes that otherwise would be “locationally challenged” are selling quickly.

The freehold market continued to see increases in inventory for the second straight week up 22%, spread out across all parts of the city. The number of sold properties was up a staggering 31% week-over-week, and a strong 70 per cent sold at or above the list price. This is all good news and likely represents some catchup from a slow start to the year. The high-end market is moving at a slower pace. Currently in the central core there are 334 properties listed above $3 million dollars.

The condominium market in the Toronto core continues to shine. While there was only a 9% increase in new listings last week, sales increased by a whooping 44% and of those, 53% sold above the asking price. The average condo price for the City of Toronto is now at $637,181 up 6% from a year ago. Tight market conditions in the condo rental market remain in place. Average year-to-date rents for a one-bedroom apartment were up 7.3% to $2,150 and a two-bedroom apartment up 4.1% to $2,815.

Ok mother nature why are you playing games with us? It says May on the calendar but feels more like March. What gives? Rain, strong winds and cold weather is messing with our business. As we transition from this dreary weather to sunshine and cherry blossoms, the Toronto real estate market remains fickle. It’s hard to predict which properties will be snapped up and which will languish. What we may be seeing is a move towards more realistic pricing and less of setting a low asking price and letting the market show us the true value. All the more reason to make sure you hire a Realtor that knows how to properly price and market a property.

The freehold market recorded a solid 54% increase in new listings last week. It is normal at this time of year to see an increase in listings as the Spring market hits its stride. The increase is widespread across the entire core of the city but most prevalent in the $800K-$1.5M price range. In the exact opposite trend, the number of sold properties dropped 17% last week but a strong 61% sold at or above the list price. The slow down of listings means that desirable properties often end up with multiple bids.

On the condo side we saw a steady flow of new listings up 16% week-over-week. Sales followed suit to the freehold market with a 13% drop in the number of sold units, but of those 54% sold at or above the asking price. New construction condo projects are not selling as quickly as they once did so now buyers are being enticed with all sorts of incentives such as reduced down payments or several months of free condo fees. In the past we saw lineups of eager would-be buyers but now the developers are reaching deep into their bag of tricks as they face new challenges in the world of condo presales.

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.