Corinne McCabe , Broker

The traffic has slowed down and you can tell most people have ventured out of town for their summer holidays. The weather has finally warmed up and everyone is taking advantage of the great outdoors. Open house attendance has dropped off and property showings have slowed down. In real estate language, we call this "The Summer Market".

It's easy to see the freehold sector easing into the summer market. Listings remained unchanged except for a slight increase in the 3 million plus range. There is still some good news. Homes selling in the $700 to $1.5m range, almost half of them sold over asking!

In the condo sector the number of new listings has not increased but a surprising number of condos (35) are available in the $300-400 range and more than 50% have sold over the asking price. Good news for the first time buyers with a small budget.

The Bank of Canada interest rate hike last week could prolong the slowdown of the Toronto housing market, but economist Benjamin Tal said it is not expected to last long term. "What led to the slowdown in Vancouver was really more domestic buyers waiting to see what the foreign buyers tax will do."

While Toronto could follow a similar path to the Vancouver market that saw a significant decline, there are other factors now at play, Tal said.

"We also see interest rates going up and the regulators are talking about introducing more measures to slow down the market" he said. "That's why it's possible the slowdown in Toronto will be more durable than the slowdown in Vancouver." 

If you are working the downtown condo market or involved in the ridiculously heated rental market you might wonder what all the talk is about a declining real estate market.  However, if you are working the uptown detached market you might be trying to focus your inner Stuart Smalley by slowly repeating “I’m good enough, I’m smart enough and gosh darn it people want to buy my listings”. Buyers who are looking at the entry level market, which these days means small condos, are in tough and often competing for a space to call home.  The Buyers that had been chomping at the bit and competing for the large detached homes seem to have completely forgotten that they ever wanted to buy anything at all.

The freehold market has continued its slow march to the summer months with a decline in sales of nearly 45% to only 64 sales this past week compared to 113 the week before. And while we still here the odd story of multiple offers, the number of homes selling above their listed price has dropped to only 20%.  Listings last week increased substantially over the week before with an increase of almost 50%. Most of the increase in new listings came in the east and west areas while the central core remained fairly consistent over the previous week.

The condo market has also settled into the summer cycle with an increase in new listings and a decline in sales over the previous week. Maybe the most interesting aspect of the condo market is the difference between the entry level condo and the high end condo market. If you are looking to get into the starter market in condos be prepared for continued stiff competition.  More than 50% of the condos listed under $700,000 sold above their advertised price which is a trend we have been watching closely for several weeks.  It was reported that an aggressively priced condo in the central core recently garnered the attention of 40 offers.  Lucky for the 39 bidders that lost that there are a whole lot more condos coming to market this summer for them to bid on. Not so lucky perhaps are sellers of high end condos who have seen a marked decrease in sales activity.

Pride week in Toronto was a colourful success and Bosley's participation in Family Pride was a whole lot-of-fun! As we are coming up to the much anticipated "Canada 150" long weekend, this will be a weekend to participate in the festivities around town. With so many events happening in Toronto to celebrate Canada's big birthday it will be hard to narrow down which events to attend.  (Check them out here)

It's not unusual for listings to start tapering off before a long weekend. Last week new listings were down slightly by 9% for the freehold sector compared to the week before, but in the condo market, new listings were up a whopping 43%. Interestingly half of the freehold homes in the $700 to $1.5m range, sold over the asking! In the central core it seems that first time buyers are taking advantage of the $400 -$700 price range where more than 50% of the action was. As a TD economist pointed out, last month marked the first time since 2010 that growth in condo prices in Canada outpaced the rise in single-family home prices.

We have seen plenty of rain this summer, almost as much as we have listened to the media, which continues to report a cooling market, but there are great buys out there. The art of negotiating is upon us. We are seeing a shift in the market but the sky is not falling. Overall, prices are still up but expectations need to be managed.

How lucky are we to live in a country as cool as Canada! Happy Canada Day eh!

Back in the old days of real estate the Realtors® would work hard up until the end of June and then they would take the summer off, as did most of their clients. Over the past many years the Spring market has lasted well into the summer with usually just a short break in the dog days of August. We are definitely feeling old school with the slow pace of listings and even slower pace of sales heading into summer this year. It reminds us though, as the families stop thinking about real estate and start thinking about camp, that there is a new summer real estate season driven by the tens of thousands of students who flock to the city to study at one of the many universities. The smart ones are looking for rentals already and the rest will arrive over the next few months. This puts tremendous pressure on the city’s rental stock which in turn pushes at the lower end of the condo market as desperate parents buy condos for their lovely offspring that just couldn’t find that perfect apartment.  And right now in Toronto the hottest part of our market is the entry level condo market.

The Toronto Real Estate Board reported that in the first two weeks of June the value of condominiums increased 23% over last year. Prices, however, have eased off slightly from their peak in April down a marginal 3%. We are not all that surprised as we continue to see reduced inventory, especially in the sub-$700,000 range where listings in the central core are down 33% over the previous week. Overall new condo listings were down 25% over the previous week but are up 12% over the same week last year. Sales declined for the third week in a row to 134 from 143 the previous week and the number of condos selling above their list price is down to 41%.  Again the most active segment of the condo market was the sub-$700,000 with 49% of sales occurring over their listed price.

Unlike the condo market, the Toronto Real Estate Board reports that the Freehold market only increased in value 10% over the same time last year. Perhaps more importantly the average price of a detached home in the 416 is down 10% from its peak price at the end of April. Listings continue to decline as we approach the summer months and were down another 10% over the previous week. Sales also continued their declined in numbers down 10% from the previous week.  For the first time this year the percentage of freehold properties that sold above their advertised price was below 50% coming in at 48%.  Thinking in our old school way, we will see you on the dock in July. 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.

If the real estate market were like a game of golf we would probably be on the back nine right now wondering if we were going to pull our game together or bogey our way to the clubhouse.  If you are a Seller you are definitely wondering how your game fell apart so quickly after hitting the fairway with every drive and sinking every putt through the beginning of the season. The confusing part might be why the Buyers haven’t picked up their game as we finish out the season. The market has definitely started to slow down early for the summer and the jury is still out on whether the Sellers who sold in March hit the hole in one or if the Buyers grabbing properties during this quieter time will be the ultimate winner.

In the Freehold market new listings have eased off nearly 13% from last week down from 401 to 350 this week.  Almost the entire decline in listings occurred in the central core where new listings declined from 196 to 148 which interestingly is on par with the new listings from the same week last year which were 147. Last year was not a year with an abundance of listings so it is interesting to note that we have not seen a flood of properties to the market.  Sales also continued to decline down to 148 from 167 the previous week. The number of properties that sold over their advertised continued to decrease with 52% selling above the listed price.

The condo market saw an increase in new listings over last week with 367 new listings coming to market compared to the 332 that were listed the previous week. Like the freehold market, sales of condos are not keeping up with the pace of new listings allowing for more choice for buyers.  Condo sales declined nearly 33% from the previous week down to 143 from 213.  Condo bidding wars are also starting to become a thing of the past with only 44% of all sales going above their listed price.,

This week we had to order three extra bottles of water for the water cooler as it seemed everyone was spending an inordinate amount of time chatting about what to do next in real estate.  We watched as the listings went down before the long weekend and as expected that resulted in lower sales last week.  And as is typical after a long weekend the numbers of new listings jumped substantially thereafter. The trend we have been watching carefully is the number of sales that are occurring above their listed price.  In both the condo and freehold market that number has dropped below 50% and perhaps the most surprising thing is that more condos (49%) sold above their list price than freehold properties (48%).  The other common refrain we hear is that the Sellers are hoping to wait out the hesitant Buyers by holding off their listings until the fall market arrives in September.  We seemed to have misplaced our crystal ball (might have left it by the water cooler) so are unable at this time to decide if waiting for the Fall market will be the winning strategy.

The Freehold market saw an expected decline in sales during the week after the May ‘24’ long weekend.  It was a larger drop than we have witnessed after other long weekends with sales falling 49% to 94 sales from the previous week. This is the lowest number we have witnessed in a week since the beginning of the Spring market.  Listings also followed the predictable post-long weekend pattern surging 52% to 406 form 266 in the previous week. This number is in line with the weekly inventory we have been seeing all Spring. 

The condo market followed a similar pattern with sales dropping 28% to 133 from 185 the week before.  Listings climbed with 41 new units on the market for a total of 380 new listings, up 12% from the previous week.  The bulk of new listings came out in the downtown core and were in the $400-700,000 range.  There has been some interesting press this week about the city pushing for more large family friendly condos to be built and we will watch this news carefully in the coming months.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.

Dear Vancouver, we are wondering if what is going on with our market is the same thing you went through last year?  You see, our listings continue to go up and sales have dropped off substantially. Yet the Toronto Real Estate Board just released the mid-May statistics and shared that in the first two weeks of May prices have gone up over 17% compared to the same time-frame last year.  And you might want to sit down for this next stat, because the leader of the pack was none other than condominium apartments which increased over 28% in value over the same period last May. Now we should also point out that the average price of a detached home in the 416 has actually declined slightly from the end of April going down in value 1.8%. Condominium apartments did increase in value over the end of April, but to be honest at an increase of .2% it is basically a rounding error.

We were happy to see that the listings in the Freehold market declined last week over the previous week.  Don’t get us wrong we love to see new listings but last week happened to be the week before the last of the Spring market long weekends and well, listings are supposed to go down before a long weekend. The 46% decline in listings last week to 266 from 496 the previous week is a similar proportionate drop to those we witnessed around earlier spring holidays. It was also very interesting to note that sale numbers crept up slightly moving up 3% to 204 from 188 the previous week.  The first increase in sale numbers in three weeks. We continue to see a declining number of sales that are recorded above their listed price and are hearing anecdotally that many of those sales that did go over their list price did so with only a single offer and clearly some good negotiating.

The condominium market also saw a decline in new listings last week down 25% to 339 over the previous week which saw 451 new listings come to market.  There was also a slight uptick in condo sales last week up 3% over the previous week. The condominium market continues to witness the decline in units selling for more than the advertised price with a meager 57% of all sales going above their listed price.

In the eighties the world was introduced to a new toy known as the Rubik’s Cube.  There ensued a massive uptake of the toy amongst the general population despite the fact that the only way most of us could actually solve the puzzle was to take the stickers off and put them back on so it appeared as though we had completed the Cube. Anytime something like the Rubik’s Cube comes around the question of Fad vs. Trend begins to be talked about.  That same question has begun to be discussed about the Toronto real estate market and it is a question that we will only answer with time. The Rubik’s cube has become the bestselling puzzle of all time.  I think we can declare that one a trend. As we head into the last holiday weekend of the spring season we will watch carefully to see how the market reacts when everyone is back to work on Tuesday. Have we witnessed a fad in our market or are we looking at the beginning of a trend?

The freehold market continued to see increases in inventory and declines in sales for the third straight week.  New listings increased 9% over the previous week from 454 to 496.  It is important to note when looking at those numbers that we have seen a marked increase in re-lists, those properties that were priced for a bidding war that did not come to be and have been put back on the market at a higher price.  It has been reported that as many as 20% of new listings are actually re-lists from properties that did not sell the previous week.  The drop in sales was again the exact opposite of new listings with sales dropping 10% over the previous week. The largest drop in sales was reported in the west end though it is interesting to note that 85% of all west end sales were above their list price compared to an average of 72% for the rest of our study area.

In the condo market we believe we are seeing a trend as the percentage of listings that sold above their advertised price again declined with 66% of all listings selling above their listed price.  It is important to note that it appears the days of huge offer premiums above the list price for condos are likely over. While many sales are still achieving a mark above the list price the percentage above list price continues to decline.  Condos saw a 5% increase in listings but for the first time in four weeks saw a decline in sales down 9% over the previous week.

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.

As we settled into our sales meetings this week the topic of the day was definitely what was happening to the market and if the recent government changes have had the desired effect in increasing the affordability of housing in the city.  Much of our conversation centered around the differences between the massive downturn in the market in 1989 versus the brief pause in the market we experienced in 2008. While admittedly none of us actually own a crystal ball, the general consensus was that these past few weeks will likely be a pause in the market and not a large correction as some Sellers are fearing and most Buyers are hoping for.  What we may be seeing as a result of this pause 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 saw an increase in new listings of 15% up to 454 from 394 the previous week.  It is normal at this time of year to see an increase in listings as the Spring market hits its stride and this increase seems far too low to indicate a flood of listings to the market by fearful home owners who think we are facing a serious price correction. In an exact opposite trend there was a 15% drop in the number of sales to 196 from the 232 over the previous week. This is a trend we will follow carefully as we are expecting a rebound in sales numbers over the coming weeks. While pre-emptive offers continue to disappear from the landscape it is interesting to observe that 73% of all homes still sold above their asking price.

The condo market continues to separate itself from the freehold market with a week that saw both new listings and sales increase over the previous week.  New condo listings increased 6% and sales kept very close track increasing 5% over the previous week. Condos also continue to sell above their list price with 75% of all sales happening above the advertised price.

As Spring comes upon us and the trees and flowers begin to bloom, we Realtors often have to remember to stop and smell the roses lest we wake up one day to find ourselves in the dog days of summer.  Unfortunately, given the frenetic pace of a usual spring market many Realtors miss the awaking of spring entirely, instead focusing on helping their clients to buy or sell the home of their dreams.  Even after the announcements from the provincial government of changes to the industry, the market seemed to continue down its usual path through a freshly blooming garden.  So, weren’t we all a bit surprised when this week the entire city took a deep breath and decided to stop and smell the roses.  There is much talk of buyers waiting to see how things shake out and nervous sellers wondering if they have missed the top of the market. With continued low interest rates, steady immigration to the city and provincial legislation aimed at promoting upward instead of outward growth we are confident that the market will continue its positive trajectory throughout the spring.

The Freehold market saw a steady supply of new listings last week.  Though down slightly from the previous week this is likely a result of the rush of listings after the Easter and Passover breaks.  Sales also rebounded nicely in response to the increased inventory of new listings with 232 freehold properties changing hands.  There was also a slight increase in listings selling over the advertised price with a more typical 78% of all sales going above the asking price.

The condo market also saw a consistent number of new listings when compared to the previous week settling in at an even 400 new listings last week. Sale numbers were up slightly from 193 to 201 last week and the number of sales above the advertised price were back at a more typical 75% of condo sales.

The sky is not falling. The pigs are not yet flying. And we are pretty sure that the price of real estate in Toronto is going to keep climbing, though perhaps not as quickly as it was already this year.  But really, maybe it will.  After the announcement of the Government of Ontario’s ‘Fair Housing Plan’ our in-house experts pored over the information looking for whatever information might lead us to think the suggested changes would improve housing affordability in the GTA. We quickly dismissed point 15 thinking that while working elevators are fairly essential in a condo building, their lack of movement up or down was probably not having a huge effect on affordability in the market.  Many of us thought it might be fun to join the ‘Housing Supply Team’ or the ‘Housing Advisory Group”, but at the end of the day we all have full time jobs that we like.  The two points that we did pull out that we think will affect the market were the 15-per-cent Non-Resident Speculation Tax (NRST) and the imposition of rent controls on all properties in Ontario, eliminating the exemption for properties built after 1991. For now we wait patiently for the legislation that will make all these announcements law and will give us the details that will allow clarity moving forward. On one last note, if you were thinking of heading out of town for your next purchase you should probably take a look at the articles below on house prices outside the City of Toronto.

The Freehold market experienced the typical after holiday resurgence in listings, more than doubling from 181 during the previous holiday filled week to 436 this past week.  The increase in listings was city-wide and should help provide options for those Buyers still hot to purchase in the spring market. Not surprisingly, following a week of fewer listings there were also substantially fewer sales last week.  The freehold sales in our study area topped out at exactly 100 with an even 70% going above their list price, down from a peak of 90% three weeks ago. Two interesting things of note last week were the steep decline of listings selling before their offer date with only around 10% selling in pre-emptive offers and the easing off of the percentage of sale price above the list price which seems to be settling in around 120% above the advertised price.

The condo market also witnessed a huge increase in listings adding nearly 200 more new listings than the previous week, going from 258 to 447. Like the freehold market condo sales also declined last week dropping from 224 to 151 this week, though the percentage of sales above their advertised price stayed relatively high with 70% of units selling above the list price. We think it is the condo market that will be most affected by the new rent controls and suspect there may be an uptick in new listings as the market moves forward.

Last week the real estate industry took a slight pause while several major religions celebrated their holiest of days all in the same week.  In real estate the coming of spring normally heralds the beginning of the annual game of trying to show houses while the city, in an apparently random manner, shuts down streets and neighbourhoods for prolonged construction projects – BEEEEEEEEEEEEEEEEEEEEEP – We interrupt this regularly scheduled Bosley Insight for breaking news from the Provincial Government. It seems that the powers that be at Queen’s Park will be making changes to ‘slow down’ the real estate market in the GTA.  We wish we could tell you what this means but, like you, we will need a week or so to see how it all shakes out.  Stay tuned next week when we can report back on how pending legislative changes will affect Toronto’s buyers and sellers.

Last week the Freehold market continued with steady sales just above 200 units. For the first time that we can recall there was not a single freehold property listed below the $700,000 price point in the central core and an astounding 85% of all listings sold over their advertised price last week.  While homes continue to sell above their list price we have seen a backing off of the amount above list that buyers are paying. Homes under $1,500,000 are selling for about 125% above list, down from highs of 135-140% above list a month or so ago. With most of the city celebrating Easter and Passover it was not a surprise to see a steep decline in listings last week, down from 383 in the first week of April to less than half that number last week with 181 new listings.

The condo market also witnessed a decline in listings last week from 386 to 258. Sales remained steady at 224 compared to 234 the previous week and condos continue to be snapped up above their list price at a rate close to the freehold market. Over the past two weeks condos have sold over their list price 75% of the time down slightly from the peak three weeks ago of 80% of all condos selling above their advertised price.  With all these new rules coming from our provincial government, including potential changes to rent control exemptions, the condo market will bear watching for the next few weeks.

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.

The old adage says that if March comes in like a lion it leaves like a lamb.  If we consider the real estate market in the same vein, since March started with a roar we should have had a nice quiet end to the month. Alas, the real estate market respects no old wives tales as it wends its way through the spring. The last week of March capped off a month that saw prices jump an average 33% over March 2016.  Through the year, the talk has been the lack of listings, and we are happy to say that March seems to have bucked this trend.  The number of new listings in March 2017 is virtually identical for both the freehold and condo market as the number of new listings in March of 2016.  Of course we complained about not enough listings last year too so we expect to see high demand pushing prices in an upward direction for the foreseeable future.

The number of new listings in the freehold sector continued to increase over the previous week, jumping a significant 25% to 307.  Sales also saw a significant increase, up nearly 50% over the previous week.  The truly astounding number is that 90% of all freehold sales last week sold over their list price, including 100% of all properties listed under $700,000. As we enter April and May, the busiest months for real estate transactions, we expect more of the same.

The resale condo market seems to have settled into a nice groove.  New listings were virtually unchanged from the previous week at 321. What is interesting to note is that 75% of all new resale listings are in the downtown core, south of Bloor and between Dufferin and Yonge. Sales did ease off last week to 172 but the competition was as fierce as it has ever been with 80% of condos selling above their list price.

As the last of the children return to school from warm beaches and snowy hills we are reminded of our obligations as parents to teach our children to be kind to others. Under no circumstances do we permit bullying from our children to their peers. Of course, as adult Realtors we rarely take our own good advice and are constantly talking about Bully offers as the way to get a jump on hot listings before the set offer date.  Now don’t get me wrong, like all good adults when we are doing something so obviously wrong as being a Bully we take the mature step of re-naming the process to something much more socially acceptable, in this case the ‘Pre-emptive’ offer. So with all the talk of pre-emptive offers we decided to take a look at how common this really is and if it benefits the Seller to accept the ‘Pre-emptive’ offer.  In our sampling of freehold sales in 5 MLS districts (C01, C03, C10, C11, E01) we noted some interesting trends.  Pre-emptive offers are much more common downtown than uptown, with 25% of listings selling before their offer date south of Bloor and a mere 7% selling before their offer date once you go north of Eglinton. The other interesting fact is that the final sale price, as a percentage above the list price, was on average higher on offer night then when a Seller accepted a Pre-emptive offer. So while we remind our children not to be Bullies, we might also want to take the time to let our Seller’s know that the best strategy might be to ignore the ‘Bully’ when it comes their way.

In the Freehold market the number of new listings exploded last week while sales remained virtually unchanged from the week before.  New listings increased an astounding 100% compared to the previous week while sales increased a meager 5%.  While we are hopeful that the new listings will ease some of the pressure Buyers face on offer nights, we continue to believe that there is insufficient inventory for the obviously strong demand for freehold properties.  With a consistent 75% of all listings selling above their list price Buyers should keep a tight hold on the railing, the ride is not over yet.

Condos on the other hand continue to carve their own market, mostly in the downtown core.  There was also a significant increase in new available condos for sale but the inventory only increased 50% over the previous week while sales matched the increase of the freehold market at 5%. It is important to note that by far the majority of new condo listings and sales are happening in the central core with only 7% of condo sales occurring in the east or west parts of our research area.  Like the freehold market, condos have settled into a consistent 70% of sales occurring above the list price.

Excuse us if we seem a little distracted this month but we normally reserve our March Madness for that basketball tournament going on south of the border. Cinderella stories are all the rage when talking college basketball, but here in the Toronto market she can make it to the big event but never seems to catch the prince. Seeing your team get knocked out of the tournament can be maddening but at least you know that if they work hard and persevere they will be back next year. With competition in purchasing as strong as it has been all year, the real estate market is producing more losers than winners. And unlike the basketball teams heading home and thinking of next year, we worry Buyers will begin to take their ball home and call it quits.

With last week being the public school March Break we were not surprised to see both listings and sales in the freehold market down from the previous week. With all the families away for a well-deserved break it is common to see the market take a brief pause.  What didn’t take a pause was the bidding wars, with 75% of all homes selling above their list price.  Perhaps the amazing part of those sales is that when you look at sales under $1.5 million that number goes up to 87% and if you look only at those houses listed between $400,000-700,000 the number of homes sold above list hits a staggering 96%.

The condo market continues to differentiate itself from its freehold cousin and as always is less concerned with long weekends and family holidays. While sales were off marginally from the previous week, new listings surged with nearly 22% more units coming to market over the previous week. Where the condo market is not differing from the freehold market is in units selling above the asking price, with 68% of sales occurring above the list price.

While we always enjoy spending time with our families, after all we are a family company, we never like what happens before the Family Day long weekend. Or really any long weekend in fact. The thing is, Realtors never like to list right before a long weekend which inevitably means listings drop the week before the long weekend and that creates what we like to call the real estate inversion. Before the long weekend there are a lot of sales and hardly any new listings and right after the long weekend there are a lot of new listings but not as many sales.

Freehold listings followed this predictable pattern and are up 10% over the previous week yet remain historically low when looking at inventory over the past few years. Of course, the Spring market has sprung so we do expect to see the listing inventory climb as we proceed to the warmer months. While sales were down over the previous week they continue to outpace new listings. Perhaps a silver lining for last week was that the number of Freehold properties that sold in bidding wars eased off slightly from 77% to 61%.  Sorry, but we don’t expect that to be a trend moving forward.  Bidding wars are here to stay for the foreseeable future.

The condo market has always been a little different around the long weekends and bucked the pattern with a decline in listings (down 27%) and a decline in sales (down 18%). Bidding wars followed a similar decline to the freehold segment going from 71% to 63%.  Holding back offers and bidding wars are a newer experience for the condo market and we are confident that with some practice it will follow the same long weekend trends the freehold market observes. If you are a follower of the long weekend calendar method of buying and selling real estate you have just over two weeks until March Break.  Happy Buying and Selling.

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.

We think it is 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. What has transpired are stories of multiple offers, wild bidding wars and many broken dreams. So, what should we expect as we move forward? Well, if there is any consolation, we are moving into the spring market and the usual increase in listings. 

Freehold listings across the 416 contracted another 38% this week. This continues a trend that has lasted several weeks already. More surprising is the fact that sales are nearly outnumbering listings by 2 to 1. As a result the number of homes selling at or above the list price has jumped over 7% (from 69.8% to 77.2%) in a week. In the central core, there were no listings below $700k and 20 over $3m. Sales of $3m homes are almost triple those below $700k. The east core continues to be a hot district where sales are outpacing new listings by a 3 to 1 margin.

The condo market has an equal share of heat this week as well. For the first time ever sales of existing suites has outpaced listings. While not as drastic as the freehold sector, it is evident that the contraction of listings (down a further 24% from the previous week) and an increase in sales (up 13.5%) is having an impact on pricing with over 71% of condos sold last week at or above the list price. The condo market has been traditionally reserved for first time buyers and downsizers but as freehold home ownership becomes less affordable we expect even more activity in this segment.

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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The number of new freehold listings continued to contract last week while demand and sales remained virtually at the same level from the previous week. 26% fewer listings week over week created increased competition which resulted in an increase to 74% of available properties selling at or above the list price. With more sales than listings happening in the east and west core, and a near even ratio in the central core,  the current supply of properties sits at a mere 1.1 months. 

If you thought shifting your dreams of home ownership to the condo market would make life easier, be prepared for a little disappointment. Throughout 2016 we watched as competition for resale condos increase dramatically from about 16% of all condos selling at or above the list price at the beginning of the year to over 40% by December. January 2017 has not shown any relief. In fact, while last week’s numbers showed that 55% of condos sold in multiple offers, this week that numbwer has skyrocketed to 65% thanks in part to a 42% reduction in new resale condos coming to market.

The resale condo market is experiencing similarities to its freehold brother. New listings for the week are down nearly 50% to 189 across the 416 while sales have increased by nearly 30%. Tighter supply and more sales has constricted the market and now we are reporting a new record in terms of sales at or over the list price. While the percentage has been tracking higher all year, our research indicates we are now hovering at 55%. Clearly, we are in a seller’s market for condos in Toronto.

Just for the record, we don't use any alternative facts in our market updates. In fact, we swore an oath to accurately reflect the size of the market so that our clients could make informed decisions. No need to proclaim any national holidays in our honour, just know that when you hear it from us it's the real deal....nothing fake about what we report. We will continue to march on.

Listings in the freehold sector retracted significantly last week from 114 new listings two weeks ago to a mere 67 last week. Surprisingly, sales nearly doubled to 65 units over the same period. Less availability created a sharp rise in the number of homes selling at or over the list price (72%). Over the past few years we have not seen this level of activity until well into the spring market (usually April/May) before it falls, and remains below, the 70% point from around mid August.

The resale condo market is experiencing similarities to its freehold brother. New listings for the week are down nearly 50% to 189 across the 416 while sales have increased by nearly 30%. Tighter supply and more sales has constricted the market and now we are reporting a new record in terms of sales at or over the list price. While the percentage has been tracking higher all year our research indicates we are now hovering at 55%. Clearly we are in a seller's market for condos in Toronto.

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.

Normally we aren't the superstitious types but if listings don't improve quickly we may be forced to throw salt over our shoulders, walk backwards under ladders or burn sage in our offices to break the spell. Generally speaking January is a slow month for new listings but demand is high and the weather has been kind so we were expecting a faster release of new properties on the market. Sellers and buyers alike might just be feeling the pinch of new mortgage rules and increased land transfer taxes.

Having the benefit of looking at the listing and sales figures exactly one year ago we do see some amazing similarities in the freehold market for the 416. Compared to last year, the number of sales and listings is nearly identical. Where they do diverge is in the number of sales at or over asking. 2017 is starting out much stronger with 46% of homes selling above the list price compared to 27% a year ago.

The resale condo market continues to flex its muscles in 2017. Listings are nearly half of what they were a year ago while sales are virtually the same. In addition, at the beginning of 2016 there was not a frenzy of condo buying. With lots of listings, people were taking their time to find the perfect condo. As a result less than 5% of condos sold at or above the list price. As 2016 unrolled we saw demand increase almost every month. 2017 is starting off stronger than ever with 45% of every condos sold trading at or above the list price.