Wondering what happening right now in Toronto's housing market? Here's a brief breakdown - courtesy of our parent brokerage, Bosley Real Estate - of the major stories surrounding real estate in Toronto's central core the final week of October 2018!
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.
*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:
Rate hike adds to homebuyers’ challenges, could shut out more first-time buyers
“The third Bank of Canada rate hike this year could shut more first-time buyers out of the region’s housing market and add hundreds of dollars to some homeowners’ mortgage payments.”
B.C. Vacant Home Tax Goes Forward Amid Promises Of Improved Affordability
“The Ontario Real Estate Association is making more than three dozen recommendations to the provincial government on how it should update the rules governing realtors, including allowing for a more open bidding process for buyers and sellers.”
Most 1st-Time Homebuyers Maxed Out Their Budgets To Purchase Property: CMHC
“76 per cent say they were still confident that they would still be able to make their monthly mortgage payments.”
GTA rents continue surge
“Condo flipping was never pervasive in the Vancouver and Toronto housing booms and that sliver of the market has faded over time, suggesting tougher measures to curb speculators won’t make those cities more affordable.”
Canadians love living in the suburbs, so why aren’t we building more of them?
“Besides being easier on the budget, the Suburban Dream also aligns perfectly with what most families actually want.”
In case you missed it, here's the Bosley's Market Insights from this month!
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
- we're here to earn your trust, then your business -
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