Following Labour Day Weekend, new listings spiked to 174% of what they were the week previous! Most notably, 37 of those new listings were listed above $3M! That's a big windfall for the luxury property market!
Here's a rundown of the latest Toronto real estate figures, as well as some key media headlines, all courtesy of our parent brokerage, Bosley Real Estate!
Parents: celebrate! You made it through the first week of school. Even though mother earth is fooling us with warmer temperatures than is seasonal, our minds are shifting from the lazy days at the cottage to the reality that the fall market has kicked into gear. And, just like every year after the labour day weekend, agents are busy prepping and staging to get their listings out. After price declines for much of 2018, home sales in Toronto started rising again this summer. Buyers hoping that this year's stress test would bring about big price breaks will be disappointed. It seems several of them came to that realization earlier this summer with month-to-month increases and have jumped back into the market.
The freehold market was up a whopping 174% in new listings, compared to the previous two weeks. This is not unusual for so many new listings coming out after labour day. What was notable last week was 37 new listings in the central core were listed above $3million ! The amount of sold listings was down by 18% but that should turn around next week with buyers having more to choose now.
The condo market also saw an increase in new listings. Up 83% from the previous week, with the centre of action being between $400K to $700K. While sales tapered off 21% over the previous week, a substantial amount (34%) of the sales, sold over the asking price. The condo rental market has been crazy lately, with students looking for accommodations. Rental listings don't even last a day, and most end up in a bidding war. The average one bedroom in Toronto is now $2300 a month!
*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:
Real estate companies threatened by TREB after posting GTA sales data
“The Toronto Real Estate Board (TREB) continues to stall on the online publication of sold information, according to some Toronto brokers who have received cease and desist letters telling them to pull sold prices from the listings on their password-protected sites.”
Windsor, N.S. Mansion Is Selling For Less Than Some Big-City Condos
“Once in a while there comes along a piece of real estate that seems too good to be true. Today, that property comes from Nova Scotia, where a stunning eight-bedroom Victorian house, complete with a pool, two dishwashers, and a wine cellar has been listed for the same price as some tiny, one-bedroom condos in Canada's larger cities.”
Canada Housing Market Among World’s Weakest As Price Growth Hits 9-Year Low
“For better or worse, 2018 seems to have marked a turning point in Canada's closely-watched housing market, and here's one effect of that: We can no longer count ourselves among the countries with the world's hottest residential real estate.”
In some Toronto neighbourhoods, condo values are up 50% in 1 year, report says
“In 1 neighbourhood, 1-bedroom condo values have appreciated by 47 per cent in the last year”
Toronto Real Estate Board warns realtors on false sales data after $3.1M listing shows $1 price
“Realtors must report accurate sales prices for properties they’ve listed now that the public can access that data, the Toronto Real Estate Board is warning its members.”
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
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