The Toronto Real Estate Board has just published their forecast for 2019, and the outlook for real estate in the city is positive!! This and more information in the week's breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
The Toronto Real Estate Board released its market outlook for 2019 this week and the forecast is all good news! It’s predicting the average sale price to be about 4% higher for 2019 and a moderate increase in total sales to come in around 83,000 ends, compared to 77,375 sale ends we had in 2018. It’s also encouraging to see a slight increase in the selling price for The City of Toronto in January, coming in at $777,674 up 1.4% compared to January 2018, and up 1.9% from December. Taking into account the entire GTA region the number of transactions edged upwards and inline with TREB’s forecast for higher sales in 2019.
The resale condominium market continues to lead the way in terms of price growth, up 8.8% on a year-over-year basis with the average sale price at $591,444 for the City of Toronto. The rental market in the GTA is expected to remain tight in 2019 with the supply of rental units still expected to be of concern.
The number of new freehold listings decreased last week but that could be because of the massive snowstorm Toronto had. 20% fewer listings week-over-week created increased competition with 45% of sales selling at or above the asking price. The busiest part of town is still the east end of the city where multiple offers are still the norm. More than 85% of the properties sold over asking.
The condo sector saw a small 6% uptick in new listings last week and no change in the number of sold condos from the previous week. TREB has based its predictions on a lpsos survey and 26% of those looking to buy this year are planning to buy a condo. The proportion of buyers who are planning to buy their first home are still finding it difficult to qualify for loans under the new mortgage stress test.
*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:
The World's Best Places to Retire in 2019 Revealed
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Canada’s housing market ‘vulnerable’ even as prices ease in Toronto
“The country’s overall real estate market remains “vulnerable” despite an easing in overvaluation in cities like Toronto and Victoria in the third quarter, according to a report by Canada Mortgage and Housing Corporation.”
Stress test needed despite home buyer hardships, says regulator
“With Canadians still racking up near-record levels of debt, the last thing they need is for banks to make it easier to borrow more by fiddling with the mortgage “stress test” introduced a year ago, says the country’s top banking regulator..”
More singles buying homes than ever, and coming up with clever alternatives to going it alone financially
“The thought of buying a home on your own may seem a little daunting, but that’s exactly what many single professionals are choosing to do.”
Days On Market: Here's How Long It Will Take You To Sell A House In 63 Canadian Markets
“It takes less time to sell a house in quiet Maritime markets than it does in bustling Montreal.”
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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