Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

Cell 416-888-9842 | info@corinnemccabe.com

The Toronto Real Estate Board released its market outlook for 2019 this week and the forecast is all good news! It’s predicting the average sale price to be about 4% higher for 2019 and a moderate increase in total sales to come in around 83,000 ends, compared to 77,375 sale ends we had in 2018. It’s also encouraging to see a slight increase in the selling price for The City of Toronto in January, coming in at $777,674 up 1.4% compared to January 2018, and up 1.9% from December. Taking into account the entire GTA region the number of transactions edged upwards and inline with TREB’s forecast for higher sales in 2019.


The resale condominium market continues to lead the way in terms of price growth, up 8.8% on a year-over-year basis with the average sale price at $591,444 for the City of Toronto. The rental market in the GTA is expected to remain tight in 2019 with the supply of rental units still expected to be of concern.


The number of new freehold listings decreased last week but that could be because of the massive snowstorm Toronto had. 20% fewer listings week-over-week created increased competition with 45% of sales selling at or above the asking price. The busiest part of town is still the east end of the city where multiple offers are still the norm. More than 85% of the properties sold over asking.


The condo sector saw a small 6% uptick in new listings last week and no change in the number of sold condos from the previous week. TREB has based its predictions on a lpsos survey and 26% of those looking to buy this year are planning to buy a condo. The proportion of buyers who are planning to buy their first home are still finding it difficult to qualify for loans under the new mortgage stress test.

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New featured property at 2324 Danforth AVE in Toronto.
Bright & Clean Retail Space On The Danforth Perfect For Professionals. Currently A Travel Agency & Suited Towards A Professional Office, Real Estate, Law Or Accounting Firm. Ceramic Tile Floor Throughout The Main Space, Almost 900 Sq. Ft. Total Including A Wheelchair Accessible Washroom, Kitchenette & Separate Coffee Station. Full Partially Finished Basement For Storage, Shared Back Patio, One Parking Space Available At 2404 Danforth In Vincenzo's Parking Lot
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Toronto is digging itself out of a major snowfall this week and now a polar vortex of extreme cold has moved in. Looks like the spring market will start a little later this year. So far in January the market has been “slow”. In traditional years that was typical for the first month of the year, but we have been spoiled with the last couple of years where house hunters were eagerly pouncing on listings as they appeared in January. FOMO ‘fear of missing out’ has calmed a little. This is not the case for all of Toronto. Certain neighbourhoods are still crazy busy, especially Riverdale/Leslieville where 75% of the properties sold last week in a bidding war.


Freehold listings across the 416 where down 23% last week and this continues to be a source of concern. Sales on the other hand have doubled from the week before. In the central core, there were no new listings below $700k, 29 between $1.5M and $3M, and 28 new listings over $3M. 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. Sales of existing suites has outpaced listings. It is evident that the contraction of listings (down 32% from the previous week) and a small increase in sales (up 8%) is having an impact on pricing, with over 50% of condos sold last week at or above the list price. The majority of sales that occurred were in the $400K to $700K price range.

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We are almost a month into 2019 and it feels like the Toronto real estate market is getting a fresh start. As we enter a more balanced market, the discussion is still about the lack of inventory. We are all watching for signals that buyer sentiment will heat up. In recent months home price growth has faltered, mortgage rates have risen to their highest point in nearly eight years, and favor has started to shift from seller to buyer.


The long-term prospects for housing are good because demographics are going to continue to support demand. The largest cohort of millennials will be turning 29 this year entering peak home-buying age and contributing to the increase in first-time home buyer demand. Older millennial move-up buyers will have more options in the mid to upper price point and will make up the majority of millennials who close in 2019. Toronto’s housing market might be in an uneven slump, but experts are saying don’t expect a major decrease in house prices, because the city is seeing accelerated growth in its adult population which will keep the market humming!


The freehold market is starting to build up some steam. We are starting to see an uptick in new listings and a surprising amount listed above $3 million. Buyers are circling and they are willing to move quickly when they see a property that ticks all the right boxes. In the resale condo market, we saw a small 12% increase in new listings from the prior week while sales were up a whopping 68%, and of those sales more than 50% sold at or above the asking price which is a solid indicator that the condo market is trading well.

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Ah January. The month of new beginnings as we all wait for the real estate market to take off. Generally speaking January is a slow month for new listings and the weather has been kind to us, but research indicates that listings in the freehold sector have backed off substantially from a year ago while demand has not wavered. The Bank of Canada decision to hold its benchmark interest rate steady, and RBC lowering its mortgage rate 15 basis points yesterday with likely more cuts to come, has given some people hope they'll be able to buy or trade up.


In the freehold market listings continue to be a source of concern. Compared to the same time last year the east end of the city (E01-E03) is way down in listings. But we are seeing multiple offers starting up again. A listing in the east end listed for $649K attracted 14 offers and sold for $853K. Are potential sellers reluctant to list their properties for sale in this uncertain market? The buyers are out there waiting.


The resale condo market on the other hand has started off with a boost in new listings, almost 50% more than a year ago. The sales are virtually the same but 2019 is starting off strong with 58% of the condos sold in the downtown core selling at or above the list price. As many as 25,000 finished condo units will be delivered this year. That's a big supply jolt for a market that has delivered fewer than 15,000 finished units over the past two years.


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.

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As with each passing year, 2018 was filled with its fair share of ups and downs. As we move forward into 2019, what will be in store for the real estate market in the GTA? Will there be calm and chaos? The big question now is how much will interest rates rise and will there be a correction in 2019?


This year the Toronto real estate market was heavily influenced by the mortgage stress test and rising interest rates. Affordability has also become an issue for first time buyers, with the average sale price for the City of Toronto coming in at $842,483 at the end of November. Renters are also struggling for accommodation. The average one-bedroom condo rose 9.5% to $2,163 and with rent controls and builder discouragement, new construction will dry up leading to higher rents and lower vacancy rates.


Low housing supply will continue to be an issue in the new year. At the end of November, TREB posted 73,677 sales year-to-date, and with one month to go we will be lucky if we hit 78,000! The last time we saw levels in this range was 2003 and 2008. Whether the banks raise interest rates in the new year, the uncertainty appears to be making consumers hesitant. Compared to the record pace of home appreciation seen in 2016 and 2017, the GTA housing market is now positioned for a much healthier and sustainable growth in the future. Predictions are the housing market will maintain the status quo or could experience a slight growth in prices and sales in 2019. A return to a more balanced market that sees properties listed for a duration of time, we might need to go back to a more conventional way of approaching a deal and using the concept of negotiating.


People will continue to move for the usual reasons — whether they are downsizing, retiring, leaving town, and if incomes, jobs and population growth evolve stably, the housing markets are expected to respond accordingly. The spirit of optimism in Toronto will conquer all. Happy New Year!


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.

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This property has SOLD at 54 Myrtle AVE in Toronto.
Sweet House On A Quiet Tree-Lined Street Is The One You've Been Waiting For! Renovated 3 Bed, 2 Bath Home Has Only Been In 2 Families (3 Owners) Since 1912. A 150' Deep Lot W/Parking, You've Got Plenty Of Room To Relax, Play & Enjoy The Large Deck Off The Kitchen For Easy Dinners Outside In The Summer. Steps To All The New Cool & Hip Spots At Jones & Gerrard, A Coffee Or A Meal Out Is Only A Stroll Away.
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Please visit my Open House at 54 Myrtle AVE in Toronto.
Open House on Sunday, December 2, 2018 2:00PM - 4:00PM
Sweet House On A Quiet Tree-Lined Street Is The One You've Been Waiting For! Renovated 3 Bed, 2 Bath Home Has Only Been In 2 Families (3 Owners) Since 1912. A 150' Deep Lot W/Parking, You've Got Plenty Of Room To Relax, Play & Enjoy The Large Deck Off The Kitchen For Easy Dinners Outside In The Summer. Steps To All The New Cool & Hip Spots At Jones & Gerrard, A Coffee Or A Meal Out Is Only A Stroll Away. Open House Saturday & Sunday 2-4, So Come For A Visit!
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New featured property at 54 Myrtle AVE in Toronto.
Sweet House On A Quiet Tree-Lined Street Is The One You've Been Waiting For! Renovated 3 Bed, 2 Bath Home Has Only Been In 2 Families (3 Owners) Since 1912. A 150' Deep Lot W/Parking, You've Got Plenty Of Room To Relax, Play & Enjoy The Large Deck Off The Kitchen For Easy Dinners Outside In The Summer. Steps To All The New Cool & Hip Spots At Jones & Gerrard, A Coffee Or A Meal Out Is Only A Stroll Away. Open House Saturday & Sunday 2-4, So Come For A Visit!
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Please visit my Open House at 54 Myrtle AVE in Toronto.
OPEN HOUSE: Saturday & Sunday 2-4
Sweet House On A Quiet Tree-Lined Street Is The One You've Been Waiting For! Renovated 3 Bed, 2 Bath Home Has Only Been In 2 Families (3 Owners) Since 1912. A 150' Deep Lot W/Parking, You've Got Plenty Of Room To Relax, Play & Enjoy The Large Deck Off The Kitchen For Easy Dinners Outside In The Summer. Steps To All The New Cool & Hip Spots At Jones & Gerrard, A Coffee Or A Meal Out Is Only A Stroll Away. Open House Saturday & Sunday 2-4, So Come For A Visit!
Read full post

Please visit my Open House at 54 Myrtle AVE in Toronto.
Open House on Sunday, December 2, 2018 2:00PM - 4:00PM
Sweet House On A Quiet Tree-Lined Street Is The One You've Been Waiting For! Renovated 3 Bed, 2 Bath Home Has Only Been In 2 Families (3 Owners) Since 1912. A 150' Deep Lot W/Parking, You've Got Plenty Of Room To Relax, Play & Enjoy The Large Deck Off The Kitchen For Easy Dinners Outside In The Summer. Steps To All The New Cool & Hip Spots At Jones & Gerrard, A Coffee Or A Meal Out Is Only A Stroll Away. Open House Saturday & Sunday 2-4, So Come For A Visit!
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New featured property at Unit 1 10 Sylvan AVE in Toronto.
Be The First To Live On The Main Floor Of This Completely, Renovated, Stunning 4 Unit Home Built In 1888 & Backing Onto Dufferin Grove Park. This Gorgeous 2 Bedroom Unit Has Been Meticulously Designed W/Discerning Quality & Taste. Features Include 10' Ceilings, Stained Glass, Hardwood Floors, Granite Counters, Reclaimed Wood Panelling, A Fabulous Balcony Off The Kitchen & A Terrace Off The Back Too! Landscaping Has Started & Will Be Equally As Stunning
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The Toronto Real Estate Board just released the market stats for October and we are seeing year-over-year increases in home sales and average sale prices. The average selling price for the GTA in October was $807,340 up by 3.5% compared to $780,400 in October 2017. For the City of Toronto the average sale price for October was $869,870 compared to $819,124 in October 2017 up by 6.3%!

 

“Annual sales growth has been positive since the late spring. While the stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the GTA remain upbeat on home ownership as a quality long-term investment.  strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2O19” (TREB).

 

Even though listings were up in October 4.8% compared to October 2017, the freehold market last week saw 21% fewer listings from the week before. The net result is more sales happening at or above the list price which is 61% of properties sold. We will certainly witness a decline in resale listings over the next 2 months as we cruise into the winter season, but it remains unclear if sales will decline.

 

The condominium sector stats for October were also stellar. The average condo price came in at $603,153 up 8.7% from October 2017 which was $555,004. Last week new condos coming to market dropped 20% from the previous week but sales increased by 8% in the downtown core and units selling at or above the list price are still at a staggering 50% of units sold!

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This property has SOLD at 190 Oakcrest AVE in Toronto.
Stunning Home ! Located In The Best Pocket Of Danforth Village In A Quiet, Residential Enclave. No Expenses Spared Inside Or Out, Stunning Finishes, W/Every Detail Carefully Thought Of. Huge Lot To Enjoy The Trees & Gardens From Your Private Backyard Retreat. Easy Street Parking & Conveniently Located Next To The Danforth Go & Main Ttc Station, W/Grocery, Coffee Shops & More Along The Danforth. Must Be Seen! Photos Are From When Home Was Vacant Last Yr.
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Inquiring minds want to know if rising interest rates are having an impact on housing activity in Toronto? Frankly we are as curious as the next guy but as it stands now, we have not seen much change. Overall activity in the 416 continues to be strong as demonstrated by multiple offers and rising prices across every category of shelter. Generally, mortgage rates tend to rise when the economy is growing, the job market is healthy and wages are rising. With two months left in 2018 there is still plenty of transactions on the horizon and our research shows there are plenty of buyers waiting for the perfect home.

 

The freehold sector did not see much change in the number of new listings last week. Tight supply has been the ongoing story for most of the year. The number of recorded sales however was only down by 11%. Homes trading at or above the list price is at a very respectable 53%, well within the range we have seen for a strong fall market.

 

The condo sector is experiencing similar traits and did not see an increase in new listings last week with only 293 listed. Though sales were down by 22%, overall sales activity remains brisk with 48% of condos selling at or above the asking price. The hot spot of the week was the $400k - $700k segment in the central core where more than 50% of the units sold at or above the list price.

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New featured property at 190 Oakcrest AVE in Toronto.
Stunning Home ! Located In The Best Pocket Of Danforth Village In A Quiet, Residential Enclave. No Expenses Spared Inside Or Out, Stunning Finishes, W/Every Detail Carefully Thought Of. Huge Lot To Enjoy The Trees & Gardens From Your Private Backyard Retreat. Easy Street Parking & Conveniently Located Next To The Danforth Go & Main Ttc Station, W/Grocery, Coffee Shops & More Along The Danforth. Must Be Seen! Photos Are From When Home Was Vacant Last Yr.
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Come November, we're firmly into fall but lately the real estate market feels like it's spring out there! Several crazy home sales happened last week including one in our office that had 26 offers and sold for 56% above the list price. One just has to look at the number of multiple offers to know that the demand is high. What's causing this excitement? Simple math ... pent up demand plus a lack of inventory. Also, the news of an interest rate hike, the third one this year has got some buyers motivated to get out there before they get shut out of the market.

 

New freehold listings increased slightly last week by 5 per cent but sales increased by a remarkable 50% week over week. While pre-emptive offers seem to be slowing down, 62% of properties sold at or above the asking price. The hottest area is still the east core where 73% of homes sold at or above the asking price.

 

The resale condominium sector is following the same trends. Available new listings increased by a marginal 3%, while sales increased a substantial 64% week over week. Nothing truly shows the pure strength of the condo market like the number of transactions that took place at or above the list price and last week in the 416 it was an exceptional 57% of units sold.

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Countdown to Cannabis in Canada October 17th, 2018  Canada becomes the second largest country with a legal national marijuana marketplace. Uruguay launched legal sales last year, after several years of planning.  Many are speculating how the decision will affect society and the economy. We as realtors will see inquiries from our clients as to what the impact of legalization on real estate will be and how will it affect residential property markets. If we look at what is happening in Colorado, the results showed that single family homes situated within 0.1 mile of a recreational marijuana store experienced an increase of 8 per cent relative to homes farther away. Whether Canadians homeowners also see a high, remains to be seen!

 

In the freehold market new listings have eased off nearly 28% from last week. Almost the entire decline in new listings occurred in the central core. But the great news is sales were up 16%. With a shortage of listings and a big demand, a good indicator of market strength is the number of sales at or above the list price, which sits at a healthy 62% for this reporting period. 

 

In the condo market we also saw a modest decline in new listings, down 9% from the previous week. Despite the slight reduction in the number of sales, over 53% of units traded at or above the list price, which shows that buyers are out there, but inventory is low. Condominiums will face an increasingly complex array of issues with the new Cannabis Act. The impact will be far-reaching and will pose challenges for condos, as Toronto dwellers are eager to light up inside their homes, but they may see that dream go up in smoke!

 

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.

Read full post