With CREA announcing that sales, market balance, and home price trends are out of synch among major Canadian cities that have the greatest impact on national results, it becomes harder for Toronto real estate professionals to rely on the analysis of any data or trends outside of Toronto's micro market. While this city has always been one-of-a-kind, now it seems - at least where housing is concerned - we are in a world of our own!
This and more information in the week's breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
Real estate disrupters come and go. Many of these new “disrupters”, some coming here from the USA will offer you a quick estimate using an algorithm without doing a market analysis. Are they overlooking the emotional aspect of selling a home and are they just order takers? The market in the last couple of years was booming. You would list a house and it would sell within days. Now in some areas, realtors need to brush up on their negotiating skills and a lot of that comes with experience and training.
Studies were done in the USA and those sellers not using traditional Realtors, sold on average 6-8% lower than an MLS sale for a similar property. American real estate and Canadian real estate are not the same. Through our nationwide listing system Realtor.ca homebuyers and sellers are able to see virtually all listings in the country. Go south of the border and you see only the company’s listings. It is no wonder that third-party, non-Realtor websites dominate America. The road ahead is going to be exciting as we adapt and respond to the changing times!
Freehold listings continued to climb last week by as much as 45% with the central core leading the way and the bulk of the new listings were listed between $1.5M and $3M. The number of sold freehold properties did not see an increase from the previous week, but of the properties sold 58% sold over the asking price. A similar market exists in the resale condo sector.
New listings were up 38% week to week but not much change in the number of condos sold. Sales happening at or above the list price seem to be hovering in the 40-45% range, which we consider to be healthy.
*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:
U.S.-based platform aims to disrupt B.C.’s real estate market
“A new real estate company is coming to Canada. Redfin aims to shake up the industry with technology and lower fees.”
The Canadian Real Estate Industry Is Pressuring Ottawa To Get You Further Into Debt
“Canada's real estate industry must be getting worried that the slowdown is going to hurt its bottom line. In the past few weeks, we have seen insiders launch a full-court press against the country's federal mortgage and housing rules.”
Young families scrimp to own homes in Canada’s big cities, report finds
“Young families in Canada’s big cities believe houses and condos will be a good investment over the next five years, and they are sacrificing their privacy, time and small pleasures to buy them, according to a report by Sotheby’s International Realty Canada.”
Red tape is a major influence in Vancouver’s housing scarcity
“Bureaucratic roadblocks continue to have a major influence on Metro Vancouver’s housing supply, as these intricacies have led to massively overdue project approvals, according to the recently released Market Intel real estate report by MLA Canada.”
Home Rental Prices Rise in Most European Cities in 2019
“According to new research by housing platform HousingAnywhere shows an upward trend for rental prices in Q4 compared to the year before for all their major European student destinations.”
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
- we're here to earn your trust, then your business -
*Like what you've read? Did you know we were recently listed as one of The Top 25 Toronto Real Estate Agents To Follow On Twitter, The Top 50 Blogs On Toronto and the Top 100 Real Estate Blogs In Canada!!? Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture and design including our love for unique urban homes and other Toronto real estate!
*Love Canadian Housing? Check out Steve's Student Mentorship site called Houseporn.ca which focuses on architecture, landscape, design, product and real estate in Canada!