Toronto real estate not fitting into your budget? Looking for someone to share your mortage with you? There's an app for that!!
This story and more in the week's breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
MARKET UPDATE FOR THE WEEK ENDING MARCH 8TH, 2019
Without question the weather Toronto has experienced so far this year with unsightly banks of grey hardened snow and ice, has delayed the market action. The number of new listings and sales are slightly down compared to a year ago, but the good news is the average selling price for The City of Toronto is up 4.2% to $840,211 compared to last February which was $806,494. With March break upon us next week listings will be slim. Most sellers who are planning to list their properties have been instructed to wait until after the school breaks. Hopefully by then we can expect some balmy temperatures to arrive which will bring us the usual spring bounce.
As the days are getting longer, we are seeing more freehold listings come to market, up 45% from the prior week. There was a small blip in properties sold, up by 5%, and no surprise that of those properties sold, 66% sold at or above the asking price.
The condo market is not showing any signs of slowing. The condominium sector was instrumental in the price growth we have seen. The average price for a condo in The City of Toronto is up 7.4% to $612,488 compared to last February which was $570,275. New listings last week were up 36% week-over-week and the number of sold condos saw a small 4% increase, and of those condos sold 47% sold at or above the asking price.
The rental market continues to operate in high demand. Low inventory and strong competition between renters resulted in average rents increasing well above the rate of inflation on a year-over-year basis. The average one-bedroom monthly rent was up by 8.1% to $2,145 and the average two-bedroom rent was up by 7.4% to $2,810.
*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:
Toronto home sales, listings fall while prices rise slightly in February
“Toronto-area resale home prices rose 1.6 per cent year over year in February to an average of $780,397 across all home types, despite snow and ice that helped keep the number of listings low and saw a 2.4 per cent decline in the number of sales.”
Canada’s 10 most affordable markets for single home buyers
“The past year hasn’t been easy for prospective home buyers. Despite some recent year-over-year price softening in the nation’s hottest markets, the national mortgage stress test, combined with various policies at provincial levels, effectively took a bite out of purchasing power for all Canadians.”
Toronto property tax rates among the lowest across GTA, report says
“The Ontario government says it will establish a separate regulator for the building industry to remove potential conflicts in Tarion, the province’s new home warranty corporation, which was designed to regulate builders and simultaneously oversee consumer protections for new-construction home buyers.”
Dog waste DNA test raises questions for condo corporations
“While a new initiative that aims to test dog waste in order to identify and fine condo dwellers who don’t stoop and scoop could be a useful tool, it is not without its challenges and hurdles, Toronto condominium lawyer Armand Conant tells Global News.”
Looking for someone to share a mortgage? There’s an app for that
“It’s a bit like Tinder for real estate, although users of the weOwn.ca web-based app probably have a lot more at stake than a bad date.”
In case you missed one, 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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