Corinne McCabe ABR, Broker

Bosley Real Estate Ltd., Brokerage

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

This property has SOLD at 902 361 Front ST W in Toronto.
Efficient Layout With No Wasted Space & A Fabulous View Of The Cn Tower & Rogers Centre.. You Should See It Lit Up At Night! Floor To Ceiling Curved Window Walls Offer Wider-Angled Views & Incredible Light. Lush Landscaping & Over The Top Amenities, Make This Condo Very Desirable For Those Who Want To Be Walking Distance To All Toronto Has To Offer. Tenanted Until July 31 At $1800/Mo, But They'd Love To Stay For Another Year, Or Move Out For September 30th.
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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." 

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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: July 22 & 23, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4 Pm.
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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: July 15 & 16, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4 Pm.
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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.

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This property has SOLD at 214 2550 Bathurst ST in Toronto.
Beautiful And Quiet Upper Forest Hill Apartment, Fully Furnished , Renovated And Clean. Peaceful West View Overlooking The Trees, And At Almost 750 Square Feet, This Unit Is Perfect. Open Concept Living And Dining Rooms With Crown Moulding And Pot Lights, Renovated Gallery Kitchen With Granite Counters, Large Master Bedroom W/Walk-In Closet.
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New featured property at 294 Carlton ST in Toronto.
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Easy Street Parking. Open House Sat/Sun 2-4 Pm.
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New featured property at 214 2550 Bathurst ST in Toronto.
Beautiful And Quiet Upper Forest Hill Apartment, Fully Furnished , Renovated And Clean. Peaceful West View Overlooking The Trees, And At Almost 750 Square Feet, This Unit Is Perfect. Open Concept Living And Dining Rooms With Crown Moulding And Pot Lights, Renovated Gallery Kitchen With Granite Counters, Large Master Bedroom W/Walk-In Closet.
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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!

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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: July 1 & 2, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Offers Anytime. Open House Sat 27 & Sun 28, 2-4Pm.
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This property has SOLD at 29 217 St George ST in Toronto.
Two Level (Ground & Lower), Executive Town Home In The Annex Just Steps Away From St. George Subway. Master Br Has A Large Double Closet & Walk -Out To Private Patio. 2nd Br Is An Ideal Office Space, Study Or Nursery. Neutral Paint Throughout, & News Carpet On The Lower Level Make This Unit "Move-In" Ready. Quite East Side Of The Complex, Yet Walking Distance To U Of T Yorkville. Available August 1st, & Longer Lease Preferred.
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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: Sat & Sun, June 24 & 25, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Offers Anytime. Open House Sat 27 & Sun 28, 2-4Pm.
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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.

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New featured property at 29 217 St George ST in Toronto.
Two Level (Ground & Lower), Executive Town Home In The Annex Just Steps Away From St. George Subway. Master Br Has A Large Double Closet & Walk -Out To Private Patio. 2nd Br Is An Ideal Office Space, Study Or Nursery. Neutral Paint Throughout, & News Carpet On The Lower Level Make This Unit "Move-In" Ready. Quite East Side Of The Complex, Yet Walking Distance To U Of T Yorkville. Available August 1st, & Longer Lease Preferred.
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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.,

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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: Sat & Sun, June 17 & 18, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Offers Anytime. Open House Sat 27 & Sun 28, 2-4Pm.
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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: June 10th and 11th, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Offers Anytime. Open House Sat 27 & Sun 28, 2-4Pm.
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New featured property at 902 361 Front ST W in Toronto.
Efficient Layout With No Wasted Space & A Fabulous View Of The Cn Tower & Rogers Centre.. You Should See It Lit Up At Night! Floor To Ceiling Curved Window Walls Offer Wider-Angled Views & Incredible Light. Lush Landscaping & Over The Top Amenities, Make This Condo Very Desirable For Those Who Want To Be Walking Distance To All Toronto Has To Offer. Tenanted Until July 31, But They'd Love To Stay For Another Year, Or Move Out For August 31.
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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.

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Please visit my Open House at 294 Carlton ST in Toronto.
OPEN HOUSE: June 3rd and 4th, 2-4pm
Elegant, Bright Victorian In Prime Cabbagetown Has Been Meticulously Updated While Keeping All Of Its Original Character. Ten Foot Ceilings On The Main, Crown Moulding & Ceiling Medallions Throughout, Stained Glass Windows, 3 Fireplaces, Antique Clawfoot Tub With Gold-Plated Taps & Fittings, Make-Up/Powder Room, 2 Skylights & Secluded, Private Back Garden Are Just Some Of The Luxurious Features. Offers Anytime. Open House Sat 27 & Sun 28, 2-4Pm.
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