Luxury condos going ovenless and raging against revelry rentals!
These stories - and more - in the week's breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
MARKET UPDATE FOR THE WEEK ENDING JULY 26TH, 2019
Canadian housing enters a “boring” era marking a new period of stability for housing sales, after a less-than-stellar 2018 and early 2019. We have not heard Real Estate referred to as “boring” for a long time but Doug Porter, BMO chief economist says “The big story here is that sales and prices are essentially flat on a national basis, and the market is close to overall balance, and therefore sales activity is almost right on top of it’s 10-year average, which is exactly what policy makers would like to see.” It’s a pretty good spot to be in, avoiding boom but avoiding bust as well.
More than 80 per cent of all local markets in Canada were in balanced market territory in June, the largest share in three years. The overall national market is likely to strengthen modestly over the next 18 months and we are looking for sales and prices to both rise roughly 2 per cent in 2020, nationwide.
The Toronto housing market is recovering nicely, and prices are on the rise. TREB predicts the average home price will see a 4.1% gain this year. The one thing that is troubling is that we really haven’t seen any movement in new listings. In fact, we’re starting to see a decline again on a year-over-year basis in the number of listings coming to market. Because of the shortage of new listings, bidding wars are on the rise again. It seems the sky is not falling and with interest rates dropping the combination has brought some enthusiasm back to the housing market. This renewed interest is a contributing factor to the rising prices.
*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:
Amazon launches service with real estate giant that offers homebuyers up to $5,000 in credits
“Coupons for cleaning and unpacking services, along with smart-home products if you close the deal.”
Mortgage Stress Test Gets A Little Easier As BoC Lowers Rate
“The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowners can qualify, marking the first drop in three years.”
Toronto New Home Sales Soar 94% To Highest Level In 17 Years
“The federal government's new home-buyer incentive may be prompting a little panic-buying in Toronto.”
Large, pricey condos join the ovenless trend in Toronto
“It appears even developers of pricier, larger condos are conserving space by removing their ovens.”
Toronto residents fed up with short-term rentals used as party houses
“Toronto residents have had enough of huge parties enabled by short-term rental sites such as Airbnb.”
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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