Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

New featured property at 369 Willard AVE in Toronto.
Gorgeous Family Home W/All The Charm And Character You'd Expect From Prime Bloor West Village, Hardwood Floors Throughout, Wainscoting, Plate Rails, Fireplace And Etched Stain Glass. 4 Bedrooms, 2 Full Baths, 2 Sun Rooms, Finished Basement W/Separate Entrance & A Garage Too! Enjoy This Lovely Home The Way It Is, Or Modernize To Suit. Open House Sat & Sun 2-4Pm
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Good bye March. Welcome warm weather, spring flowers, sunshine and more listings! The March real estate stats were released this week and when we add in the GTA figures it sounds like the real estate market is crashing. Not so.


AVERAGE SALE PRICE FOR TORONTO (2018): JANUARY - $766,616  |  FEBRUARY - $806,494  |  MARCH - $817,642


With three consecutive months of increase, house prices in the Toronto area continue to show signs of stabilizing, fueling predictions the city will continue to see stronger growth in the second half of 2018. The new mortgage qualifications rules do not appear to have had a major impact on the average monthly prices in the first three months this year. Toronto has seen a dramatic drop (down 34%) in the number of sales from last year. Last year we had less than a month of inventory versus this year with inventory ranging between two and three months.


Last week was a short week with Good Friday and Easter, therefore the number of new freehold listings was substantially down 49% compared to the week before. That being said, the number of sales were up 20% and of those sold, 75% sold over the asking price.


It was a similar market in the resale condo sector. Listings were down 33% from the week before but sales were slightly up by 10%, and 55% sold over asking.


AVERAGE CONDO PRICE FOR TORONTO (2018): JANUARY - $543,279  |  FEBRUARY - $570,275  |  MARCH - $590,184


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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Ready, set, go! Spring has sprung. This weekend approaching is Easter, and millions of people will delve into delicious chocolate eggs, head to church, participate in egg hunts and be thankful for the arrival of spring. Agents are all gearing up to see what happens next week. The holidays will all be over and with warmer weather and sunny days, hopefully the tides will turn on the inventory problems and the spring market will be underway!


The freehold market saw a whopping 120% increase in new listings last week throughout all neighbourhoods in Toronto. Again, it's the price range between $700,000 and $1,500,000 that dominates, although there were 17 new listings in the central core that were listed over $3 million. The number of sold properties was up by 20% week over week and of those properties sold, 43% sold over the asking price. The east end of Toronto E0l, E02, and E03 has had the most sales. E0l has consistently been leading in all neighbourhood this year with 107% list to sell ratio.


A similar market exists in the resale condominium sector. Listings were up last week by 20% and the biggest jump happened in the central core's first-time buyer's price range of condos listed between $400K and $700K. Sales were down by 18% last week, but its interesting to note that multiple offers are on the rise. Last week 46% of condos sold in multiple offers.

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This property has SOLD at 2708 100 Upper Madison AVE in Toronto.
Breathtaking, Sw View From This Rarely Available '08 Unit In The Elegant Madison Centre Residences. Expansive 1365 Sq Ft Has 2 Large Bdrms W/Desirable Split Floor Plan, 2 Bathrooms, An Abundance Of Closet Space & The Entire Unit Has Been Thoughtfully Renovated W/ Exquisite Taste. Many Building Amenities, Steps To Shops, Restaurants & Underground Subway Access To Re-Open Soon! Nothing To Do But Move In & Watch The Sunset From Your Beautiful Panoramic View.
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New featured property at 202 Heward AVE in Toronto.
Stunning, Wide & Detached 4 Unit Home On One Of The Best Streets In Leslieville W/ 2 Car Parking! Character Filled W/ Gorgeous Antique Rads & 2 Fireplaces (Not Operational), Lots Of Light, Shared Back Storage Shed & Lovely Maintained Gardens. Steps From Queen St E. & All Amenities It Provides. Units Have Been Tastefully Renovated & Many Upgrades Done To The House Over The Last 10 Years. Fabulous Tenants All Wish To Stay. Income & Expense Sheet & Available.
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New featured property at 2708 100 Upper Madison AVE in Toronto.
Breathtaking, Sw View From This Rarely Available '08 Unit In The Elegant Madison Centre Residences. Expansive 1365 Sq Ft Has 2 Large Bdrms W/Desirable Split Floor Plan, 2 Bathrooms, An Abundance Of Closet Space & The Entire Unit Has Been Thoughtfully Renovated W/ Exquisite Taste. Many Building Amenities, Steps To Shops, Restaurants & Underground Subway Access To Re-Open Soon! Nothing To Do But Move In & Watch The Sunset From Your Beautiful Panoramic View.
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"Home prices dip 12% as sales fall " Toronto Star - Wednesday March 7th, 2018


"Toronto housing prices edge up smartly in February" The Globe and Mail – Wednesday March 7th, 2018


Anyone reading the news will surely be confused by what the media has to say about the real estate market these days. So, what is really going on? The average price for a home in the City of Toronto is $806,494, climbing more than 5% from last month, as well as condo prices rising 5% to an average of $570,275. What the media doesn't tell you is the frenzy with bidding wars on both homes and condos. A property in midtown had 25 offers last week selling for $500,000 over the asking price. A condo downtown had 14 offers and sold for $105,000 over the asking. We cannot compare the market to last year's frenzy. Agents are busy, open houses are jammed and buyers are looking to buy. The supply is not there. As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up.


As the days are getting longer we begin to see more freehold listings come to market, up 30% from the prior week. The east end listings doubled from the week before and the frenzy of sold properties saw 77% of them sell over the asking. E0l was the hot spot. The west end was also busy with listings up 35% and of all the properties that sold 66% sold over asking.


The condo market is not showing any signs of slowing. Many condos are drawing multiple offers and it seems the new normal for condos is almost $1000 PSF. Overall listings were up 37% and the central core saw 235 new listings come to market. The sold numbers are steady week to week and of those condos sold 57% sold over asking.

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This property has SOLD at 81 Coleman AVE in Toronto.

Sweet sun soaked serenity - steps to the subway and the go train! This home has charm and character and is filled with love, from the little free library on the front lawn through to the certified "wildlife friendly habitat" back garden, you may never want to leave. 9 foot ceilings on the main floor emphasize the spaciousness of the rooms, hardwood flooring from top to bottom reflects the light and adds to the open and airy feeling of the house. Yet there are still some lovely little spaces to tuck up in, the heated and enclosed front porch, or the breakfast nook with wall to wall windows provide little sanctuaries - as if you would need them!

The second floor bathroom is sumptuous and spacious, with a glass shower, separate soaker tub, and double sinks....oh yes, and a heated floor! The bedrooms are large and designed with a wonderful, playful and inventive use of space.

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Should you list low and generate multiple offers, or should you list the property at what you think its worth? That seems to be a popular question in the office this week. There are many factors to take into consideration. The location, the condition of the property, and the price point. When you look at new listings coming out at least eight out of 10 properties have an offer date. What we are not seeing as much these days are bully offers. Buyers seem to be a bit cautious and would rather wait. After much discussion it comes down to the agent and the Seller making the decision.


There was a big sigh of relief as more listings came to market across the 416. The downtown core saw freehold listings jump by 60 percent compared to the week before and the $1.5M to $3M price range saw the biggest increase with 43 new listings. The east end continues to be a hot area with listings up 40 percent. Overall sold properties were slightly down by 10 percent from the prior week. The market for homes in central Toronto, especially for properties up to $1 million is still quite competitive. Of the homes sold, 55 percent sold over the asking price.


Condominiums have followed suit with a rise in listings by 17 percent from the previous week. Even though listings were up the number of sold condos was down by 10 percent across the city. Of those recorded sales, 44 percent sold at or over the list price. It seems buyers may have a different mindset this year, because sales are slower but values still remain lofty.a different mindset this year, because sales are slower but values still remain lofty.

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New featured property at 81 Coleman AVE in Toronto.

Sweet sun soaked serenity - steps to the subway and the go train! This home has charm and character and is filled with love, from the little free library on the front lawn through to the certified "wildlife friendly habitat" back garden, you may never want to leave. 9 foot ceilings on the main floor emphasize the spaciousness of the rooms, hardwood flooring from top to bottom reflects the light and adds to the open and airy feeling of the house. Yet there are still some lovely little spaces to tuck up in, the heated and enclosed front porch, or the breakfast nook with wall to wall windows provide little sanctuaries - as if you would need them!

The second floor bathroom is sumptuous and spacious, with a glass shower, separate soaker tub, and double sinks....oh yes, and a heated floor! The bedrooms are large and designed with a wonderful, playful and inventive use of space.

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At this point in the year we should be gearing up for the spring market, but we just aren't feeling it yet. The consensus is we are a month behind other years. Like most of this year we are struggling with low inventories, a situation that has many puzzled. The pent up demand is evident. Walk into any open house on the weekend and see if you can find empty space on the floor to leave your shoes. The overall number of sales is beginning to perk up, but the action is still far below where it was at this time last year.


The number of new listings continued to contract last week but that could be because of the family day holiday. 25 percent fewer listings week over week created increased competition with 35 percent more sold properties and of those, 60 percent sold over the asking price. The price range between $700K and $1.5K was the most active last week with 68 percent more properties sold and of those 63 percent sold over asking.


A similar market exists in the resale condo sector. Listings were off last week by 15 percent while sales were up 21 percent week over week. And of those sales 47 percent sold at or above the asking price. The condo market has been traditionally reserved for first time buyers, but as freehold home ownership becomes less affordable we expect even more activity in the condo market. 

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New featured property at 47 Wrenson RD in Toronto.
Across From Fairmount Park And Bowmore Public School, This Beautiful 3 Bdrm Home Has Been Fully Renovated. Perfect For Entertaining, The Open Concept Layout Is Filled With Natural Light, An Eat-In Chef's Kitchen With Picture Windows With Walk-Out To The South Facing Yard Creates A Tranquil Space Both Inside And Out, Plus Finished Basement With Separate Entrance.
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The media likes to sell sob-stories to survive. The TREB market report was released this week and the news release in the media was all doom and gloom. Well not so in the City of Toronto. The average selling price at the end of January was $766,616, up 5.5 percent from a year ago which was $727, 928. The number of new listings came in at 2,776 for the end of January slightly lower than a year ago at 2,886. But when you factor in the surrounding GTA it skews the City of Toronto stats. The annual rate of growth in the City of Toronto was driven by the condominium market sector, which has had double-digit annual growth.


The freehold market is starting to build up some steam. We have seen a 20 percent increase in listings with the central core leading the way and the number of sold properties was up 15 percent and of those 30 percent sold over the asking price. Buyers are circling and they are willing to move quickly when they see a property that ticks all the right boxes. There seems to be an exuberance in the office this week and no doubt that the market is starting to take off.

The resale condo market is exhibiting some "freehold like" qualities. This week there were 30 percent more new listings to hit the market from the previous week but the number of sold condos was down 10 percent. Urbanation, a company that tracks the condo market released their annual report this week and the average price per square foot for a new condo is $1,031 and $823 for a resale condo.  As many as 20,000 new units are expected to be delivered in 2018.

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Blue Moon - “a second full moon in a calendar month” Has it cast a spell over the real estate market? 


It’s hard to believe that we are already a month into the new year. We have had some major snowfalls and plunging temperatures but so far this year it’s been a tepid real estate market. Agents are complaining there is nothing to show and as research indicates listings in both the freehold and condo sector have backed off substantially from a year ago while the demand is still strong. Perfect example: A house in prime Leslieville gets listed for $875,000 and on offer night there are 15 offers and it sells for $1,290,000. The buyers are out there. If you are thinking of selling NOW is the time!


In the freehold sector, listings continue to be a source of concern. We are down 10 percent in listings from the previous week, and we should be seeing an increase in new listings week over week not a decrease. The good news is we have seen a small increase in sales this week, and of those sales more than 50 percent sold over the asking price. The hot spot was the east side (E01-E03) where there were 24 sales and of those 45 percent sold over the asking.


A similar tight market exists in the condominium sector. Last week we had 136 new listings come to market, but the week before we had 183. The good news is we had 30 percent more sales and the sweet spot was $400 -$700K, with 50 percent of condos selling over the asking price. There is a noticeable drop of new condo listings in the central core, proving once again that the demand still exists for central condos.


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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The Toronto real estate market has had a sluggish start with slim listings and hesitant buyers. Generally speaking January is a slow month for new listings, but the demand is high and now that most of the snow has melted it is time to start seeing "For sale "signs popping up. Sales have dipped 6 percent in the first half of January in the GTA area compared to the same period last year. It seems the overall market is affected because of the 12 percent drop in condo sales so far in January compared to the same time last year.

 

In the freehold sector listings continue to be a source of concern. A year ago there were 251 new listings compared to just 209 this year. The good news is there were more sales posted this week up by almost 34 percent compared to the previous week. As we continue, the hope is more Sellers will come to market soon and not wait until March. The demand is strong thanks to a robust economy. The condo sector has seen more listings come to market. Last week we had 190 new listings compared to 146 the week before. We also have seen a jump in sales

by 25 percent week over week. The condo rental market is a blazing hot segment in Toronto's downtown core. Because there is a lack of inventory the concept of "holding offers" has moved over to the rental market. A record 27,200 condo apartments were leased through MLS in the GTA in 2017, up 1 percent from 2016. Agents say the multiple bids blind auction has become one of the features in the tight rental market.

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This property has SOLD at 204 Parkmount RD in Toronto.
Move-In Ready Semi-Detached Family Home With 3 Bedrooms And 2 Recently Renovated Bathrooms. Open Concept Living And Dining Area Is Great For Entertaining. Basement Features Fantastic Living Space - Dug Down With Permits For Great Ceiling Height. Enjoy The Warmer Days And Evenings In The Private, Fenced-In Backyard. With A Walk score Of 90, It's Just Steps To Great Schools, The TTC, A Four-Minute Walk To Monarch Park, And An Easy Stroll To Danforth Avenue.
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New featured property at 204 Parkmount RD in Toronto.
Move-In Ready Semi-Detached Family Home With 3 Bedrooms And 2 Recently Renovated Bathrooms. Open Concept Living And Dining Area Is Great For Entertaining. Basement Features Fantastic Living Space - Dug Down With Permits For Great Ceiling Height. Enjoy The Warmer Days And Evenings In The Private, Fenced-In Backyard. With A Walk score Of 90, It's Just Steps To Great Schools, The TTC, A Four-Minute Walk To Monarch Park, And An Easy Stroll To Danforth Avenue.
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Cold weather getting you down? Salt stains on your boots? Down in the dumps at your desk? January 15th - Blue Monday, is supposedly the most depressing day of the year. Yup, Christmas is really over and the realization of all the money we've spent and the fact most of us are back at work makes us blue. But you can feel the market is starting to come alive this week. New listings are slowly coming to market, but the feeling is Sellers and Buyers seem to be doing the "let's wait and see" dance.

 

Looking at the sales figures for the freehold sector compared to last year, the number of sales and listings so far this month is nearly identical except for the west end where there were 10 percent more listings last year. What few listings in the freehold market we have seen come to market this month the multiple offer trend is happening once again.

 

The number of new resale condos in the downtown core is lower this month by 40 percent compared to the same time last year, but the demand is overwhelming for condos priced in the $350K to $400K range. News of a condo receiving 22 offers this week in Liberty Village could mean a shift in the market as buyers and sellers take advantage of the price difference between condo units and freehold. The average price for a condo in the core was $532,700 at the end of December.

 

Bosley has opened a new office in Cambridge which can service all areas from Hamilton, Kitchener/Waterloo, Wellington County, Georgetown and all the way to Guelph.

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Happy New Year ...... So the year begins. Let's sum up the market for 2017.

 

• GTA realtors reported 92,394 sales through Treb's MLS- down 18.3 percent compared to (113,133) the record set in 2016

• Record sales in Ql were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan was announced.

• The average selling price for 2017 was $822,681- up 12.7 percent compared to 2016.

• The "stress" test was introduced in October causing a rush of new listings and sales for November and December.


There is no doubt that the new mortgage rules will impact the purchasing power of buyers in the resale market, pushing everyone down a rung on the property ladder.


Because of the housing bubble in the first quarter of 2017, this year will be a year of data misrepresentation. Any comparison to that bubbly time will make 2018 look bad. The media likes to report comparable data without providing context and the word "crash" might be thrown around liberally.


As for foreign buyers, they still view Canada as a very safe place to put their money, and many other foreign buyers are buying for their children when they attend University here, or for themselves based on a planned future move here.


The condominium resale market we expect to still be robust this year, with asking prices topping $1000 per square feet. The average price for a condo was close to $550,000 for the City of Toronto, up 15 percent compared to 2016.


Many investors still view Toronto condos as great long- term investments, but higher interest rates, rent control, and mortgage rule changes, might leave investors hesitant to buy.

 

It has only been a couple of weeks into the new year so its difficult to predict what will happen. With all the new rules taking effect this year some buyers and sellers are reluctant to make a move. The waiting game begins!


Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake 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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