Riverdale and Leslieville neighbourhoods seem to be the 2019 front-runners in terms of Buyer interest, with 75% of last week's sales culminating in bidding wars! This and more information in the week's breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
Toronto is digging itself out of a major snowfall this week and now a polar vortex of extreme cold has moved in. Looks like inclement weather could push back the spring real estate market a little this year! So far, in January, the market has been “slow”. Traditionally, that's typical for the first month of the year; we've been spoiled with the last couple of years where house hunters were eagerly pouncing on listings as they appeared in January. Though FOMO (fear of missing out) has now calmed a little, that's not necessarily the case for all of Toronto; certain neighbourhoods are still crazy busy, especially Riverdale/Leslieville, where 75% of the properties sold there last week ended in bidding wars.
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.
*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.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE PAST WEEK:
Ontario may allow realtors to disclose offer prices in bidding wars
“Ontario government launched consultation Thursday on possible change to Real Estate and Business Brokers Act.”
Household Debt Is Delaying Canadians' Life Milestones, Including Homebuying: Angus Reid Poll
“Canadians are putting off major personal milestones — including purchasing a home — because of their debt, a new survey suggests.”
Canada's Mortgage 'Stress Test' Not Being Considered For Private Lenders: Morneau
“Federal Finance Minister Bill Morneau says he is not considering imposing stress tests on private mortgage lenders.”
Record-Breaking NYC Sale Has Prompted Legislators To Re-Evaluate A Tax On Second Homes
“While absurdly pricey real estate deals are nothing new in New York City, the sale of a $238 million penthouse at 220 Central Park South—a figure that eclipsed the last record-breaking condo sale by a full $138 million—has, understandably, triggered a more heated response.”
Hong Kong Luxury Property Market Slows in 2019
“According to JLL's latest Residential Sales Market Monitor Report, less than 100 new luxury units (1,722 sq. ft or above) will be completed in Hong Kong's traditional luxury residential areas, including The Peak, Southern district, Kowloon Tong, Homantin and Mid-Levels, in 2019.”
In case you missed one, here's this month's round ups:
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
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