As Toronto real estate sales jump (by 17 per cent!) - without an influx of new listings - market conditions tighten in favour of Sellers! Oh... and our condos are shrinking in size faster than anywhere else in Canada - including Vancouver!!
These stories - and more - in the week's breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
MARKET UPDATE FOR THE WEEK ENDING MAY 10TH, 2019
The Toronto real estate market is here with a bang! It looks like after two years of weak conditions the market is making a comeback. Though it’s off the dizzying heights of 2017, we are seeing a significant ramp up of new listings and of course the corresponding increase in sales. On a seasonally adjusted basis, sales were up 10 per cent in April and the average sale price for a home in the City of Toronto is $903,992. Inventory levels are still low which means that even those homes that otherwise would be “locationally challenged” are selling quickly.
The freehold market continued to see increases in inventory for the second straight week up 22%, spread out across all parts of the city. The number of sold properties was up a staggering 31% week-over-week, and a strong 70 per cent sold at or above the list price. This is all good news and likely represents some catchup from a slow start to the year. The high-end market is moving at a slower pace. Currently in the central core there are 334 properties listed above $3 million dollars.
The condominium market in the Toronto core continues to shine. While there was only a 9% increase in new listings last week, sales increased by a whooping 44% and of those, 53% sold above the asking price. The average condo price for the City of Toronto is now at $637,181 up 6% from a year ago. Tight market conditions in the condo rental market remain in place. Average year-to-date rents for a one-bedroom apartment were up 7.3% to $2,150 and a two-bedroom apartment up 4.1% to $2,815.
*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 housing market starts buying season with a bang, sales up 17%
“Toronto’s housing market entered the busy spring property season with a bang, as sales surged 17 per cent in April compared with a year earlier and prices also pushed higher.”
Toronto Realtors Warn Of Housing Supply Crunch As Market Bounces Back
“Is Toronto's housing market making a comeback after nearly two years of weak conditions? The industry certainly seems to think so, after new data released Monday showed sales rebounding in April.”
Toronto Condos Are Shrinking In Size Much Faster Than Vancouver
“Toronto and Vancouver condos are shrinking at an incredibly fast rate. Statistics Canada (Stat Can) crunched the size of condo apartments using assessment data. The data shows the median size of newer developments are fast shrinking – not all that surprising to most. It is surprising to see Toronto condo units shrinking much faster than Vancouver – a city notorious for tiny units.”
Vancouver House Prices Fall By $7,000 A Month As Sales Hit Record Lows
“If you own residential real estate in Greater Vancouver, it's likely your property's value is back to where it was in 2016 or 2017.”
Canadian April housing starts surge 23% in comeback for builders
“Canadian housing starts unexpectedly surged in April, in another sign of recovery for the nation’s battered real estate market.”
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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