According to recent stats from the Toronto Real Estate Board, new listings are slighty down, but the number of sales continues to rise. Housing transactions swelled beyond seasonal norms in July, which is a great sign for the trajectory the Toronto market will take come autumn!
Below is some commentary on the current state of the market from our parent company, Bosley Real Estate, as well as some choice headlines from the first week of August!
The dog days of August are upon us, but great news for the Toronto Real Estate market. The average sale price for the City of Toronto in July was $824,336, up 8% compared to July of last year which was $759,441. The positive results over the last two months are very encouraging. Toronto's housing market seems to be stabilizing from the federal government's tighter mortgage rules that came into effect in January. The scarcity of listings helps to keep prices firm. Buyers who were cautious are feeling a little more confident the market does not have further to fall. With all this encouraging good news it looks like we could be trending toward positive territory for the second half of 2018!
The freehold market recorded a 29% uptick in new listings last week. Most of the new listing activity was recorded in the central core, with 16 new listings priced above $3M and as high as $39M. Sales however took a tumble last week with 30% less sales then the week before. Clearly, people were thinking more about enjoying a cold beverage by the lake with the long weekend approaching, than buying a house. But having said that 53% of all homes sold, occurred at or above the asking price.
Condo market buyers and sellers expressed a similar sentiment. This seems in line with historical trends as we are now in the summer month of August. New listings were up 36% from a week earlier and the majority of the new listings were in the $400K to $700K price range once again. Though sales were down by 28%, overall sales activity remains brisk with 51% of condos selling at or above the asking price.
*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:
Home sales and prices rise in Toronto region for a second straight month
“In a sign that the Toronto area real estate market is in recovery mode, year-over-year resale home prices and sales rose for a second consecutive month in July.”
Boomers staying put in housing market, survey finds
“The most affluent generation in Canadian history isn’t convinced that it needs to downsize. Even baby boomers who expect to move to a smaller home in the next five years are waiting for the kids to leave and casting about for more affordable accommodation in their retirement years.”
Hockey King’s Castle For Sale In Mont-Tremblant, Quebec
“The price of the six-year-old chateau-style Mont-Tremblant residence: $21,999,066, the last few dollars an ode to Lemieux's famous No. 66 jersey.”
The Best And Worst Cities In Canada For Property Taxes
“Many Vancouverites may be frustrated that homes in their region — already the least affordable in North America — are being slapped with new taxes, but data shows homeowners in the city have actually been getting a very good deal. An excellent deal, really.”
Toronto Housing Shows Signs Of Rebound, Even As Vancouver Hits The Skids
“The average sale price of homes is down nationwide, according to the latest data from the Canadian Real Estate Association, and the number of homes bought and sold has dropped significantly from last year.”
Missed our July round ups?
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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