Sales at or above the list price are currently at 48% in the condo market and 65% in the freehold market - a solid indicator that both types of properties are trading well.
Here's a rundown of the latest Toronto real estate figures, as well as some key media headlines, all courtesy of our parent brokerage, Bosley Real Estate!
Toronto has been discovered globally as a world class city! Following the likes of New York and San Francisco, investors are starting to show interest. Now that Toronto is on the world radar, the long term will be continued growth for years to come. And because of this the real estate market is rebounding, and early indications are that people are regaining their confidence to make the big purchases such as a house. There is a population growth in the GTA, and the demand is there with people that are looking to move up or move out. We expect upward pressure on prices to continue in the Toronto area for the balance of the year and hopefully into 2019.
In the freehold sector luxury home sales have continued to climb over the summer months with double digit sales gains. The number of single-family homes that sold for more than $1 million in the city of Toronto over July and August rose by 12 per cent. Even the super-luxury category- homes $4 million and up had 72 sales in that price range this summer. Last week new freehold listings did not change from the week before, but sales were up by a considerable 44% and of those sold, 65% sold at or above the asking price. In Riverdale/Leslieville there were 35 properties sold last week and 32 of them sold at or above the list price.
High priced condos also saw significant sales gains in the summer months with a 21% increase in sales for condos over $1million dollars. For a lot of buyers who were waiting on the side lines to see what would happen with the market, they probably wished they had bought in the spring because the demand is continuing to rise, and prices are moving upward. The condo market continues its positive activity. While new listings dropped 12% last week sales have remained unchanged. Sales at or above the list price are currently at 48% which is a solid indicator that the condo market is trading well.
*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:
GTA home sales shake off ‘very dark period’
“The Toronto area’s high-priced housing market is climbing again, with double-digit sales gains this summer expected to continue through the fall, according to two real estate company reports.”
Toronto’s Tech Boom Will Keep Real Estate Frenzy Going: Forecast
It's now in a class of cities with booming tech industries and rapidly rising house prices, a new forecast says.
Toronto Real Estate Board concerned about sensitive info being posted online
“The Toronto Real Estate Board is “pressing ahead” with the Competition Bureau’s demand to make home sales data available on realtors’ password-protected websites, but that doesn’t mean the board’s concerns around privacy are gone.”
Reverse Mortgage Debt On Canadian Real Estate Rises Over 45%
“Senior Canadian real estate owners are tapping equity at a breakneck speed. Office of the Superintendent of Financial Institutions (OSFI) filings show reverse mortgage debt posted double digit gains in July. Actually, they’ve been posting double digit gains for nearly 6 years. Within the past year however, those gains have doubled.”
Boom or bust: what’s in store for Toronto’s housing market?
“Is Toronto’s real estate market in for a hot winter? Housing expert Murtaza Haider shares his thoughts and what the recent TREB ruling could mean for buyers and sellers.”
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
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