The Toronto Real Estate Board released their statistics for March, and it looks like we're about on par with March of last year - fewer sales, but more new listings. This is indicative of more stability in Toronto's housing sector.
This story - and more - in the week's breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
MARKET UPDATE FOR THE WEEK ENDING APRIL 5TH, 2019
Bye, bye March! Welcome sunshine, warm weather, spring flowers and more listings! The March real estate update was released this week and housing sales suggests signs of some stability in Toronto’s market. The market is NOT posting declines in prices and the gains are modest. In fact, the average sale price for the City of Toronto is $830,043, up 1.5% from March of last year. We also saw new listings up 2% to 4,527 year-over-year, but the number of sales were down 9%. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has receded. This means that in many neighbourhoods we continue to see fierce competition between buyers for available listings and plenty of bidding wars.
The freehold sector witnessed its biggest increase in sold properties last week up 69% across the downtown core. There is still a bit of catching up to do on the listings side with only a 21% increase week-over-week. It is still interesting to note that the number of homes sold at or above the list price has remained consistent at a staggering 65%.
In the market report the average condo came in at $603,969 up 2.3% compared to March of last year. Last week we saw a 12% drop in new listings in the downtown core, but sales saw a significant increase, up nearly 31% over the previous week and of those sold, 45% sold above the list price.
The rental market report was also released this week and the GTA reported 6,646 condo apartment rental transactions in the first quarter of 2019. The average one-bedroom condo apartment saw a 7.4% increase to $2,143 a month and the average two-bedroom saw a 6% increase to $2,811 a month.
*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:
There's a full-fledged housing chill in Vancouver, but it hasn't reached Toronto, data shows
“When it comes to housing markets, Vancouver and Toronto are poles apart. The March update on housing sales suggest signs of some stability in Toronto’s market, where almost the same number of units were sold in March 2019 as in March 2018.”
British Columbia to require anonymous land owners to reveal their true identities
“While the rest of the country debates privacy issues, British Columbia has boldly proclaimed that all owners of land in the province will have to publicly reveal their identities.”
Metro Vancouver home prices dip again in March, sales at historic low: real estate board
“Home prices across Metro Vancouver continued their slow decline in March, according to new figures from the Real Estate Board of Greater Vancouver (REBGV).”
Canada Mortgage And Housing Corporation Aims To Raise $100M For Affordable Housing
“The agency is looking to raise $100 million outside of the billions earmarked in the federal budget.”
North America’s Most Affordable Major Housing Market Is .. Calgary
“Affordable housing might be the one reason Canadians still envy their southern neighbours these days (a four-bedroom villa in Houston for $300,000, anyone?), but it turns out there may be nothing to envy there, either.”
In case you missed them, here's last month's round ups:
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
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