Ontario real estate agents are lobbying the province against the mandatory disclosure of offers among competing home buyers in transactions involving multiple bids!
This story - and more - in the week's breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
MARKET UPDATE FOR THE WEEK ENDING APRIL 26TH, 2019
Last week the real estate market took a slight pause while several major religions celebrated their holiest of days all in the same week. With all that behind us and our hopes dashed for a Maple Leafs playoff run, it’s time to concentrate on the task at hand, getting that house all gussied up for the Spring Market. There are flowers to plant and porches to paint. Curb appeal, after all is the name of the game. The market was in full swing before the holidays and with the warm weather finally arriving, it seems that everything was put on hold. Sellers apparently didn’t get the memo as both the number of freehold and condo listings backed off last week.
Freehold listings retreated by a staggering 43% last week. This was one of the largest week-over-week decreases in a number of weeks, with all neighbourhoods affected. Naturally this is not the news that buyers want to hear, as they are still out there waiting to purchase. While listings backed off, sales across the 416 were up 21% from the previous week and of those sold, 64% sold at or above the asking price. Normally after a holiday break is when listings ramp up. Let’s see what happens this week.
Similar to the freehold market, the number of new condo listings has been going up and down like baseball fans doing the wave. Last week listings were back down by 18%, and sales were also down by 12% from the previous week. While not in record territory, nearly 63% of suites sold at or above the list price. Like the freehold market we hope to see more new condos come to market this week.
*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:
Realtors oppose mandatory sharing of offers among competing home buyers
“Ontario real estate agents are lobbying the province against the mandatory disclosure of offers among competing home buyers in transactions involving multiple bids.”
Rise of short-term rentals eats up market
“Toronto’s housing crisis is being fuelled by the emergence of “ghost hotels” — profitable, short-term rentals posted on websites like Airbnb that are replacing long-term rental housing — a Toronto Star/Munk School of Global Affairs and Public Policy investigation has found.”
Bank of Canada abandons rate-hike bias amid economic slowdown
“The Bank of Canada fully abandoned its bias toward raising interest rates as the economy grapples with a slowdown, bringing its policy in line with the Federal Reserve and other major industrial central banks.”
Mortgage stress test accounts for up to $15B drop in new mortgages in 2018: CIBC
“Ottawa's new mortgage stress tests accounted for at least half of the decline in new mortgages started last year, according to a new report by CIBC that calls for the measure to be revisited amid a falling housing market.”
Toronto Is Getting 80 New Skyscrapers Which Will Break Records As Some Of The Tallest In Canada
“Toronto has slowly been morphing into New York City for several years now and the ever-growing city continues to solidify its reputation as one of the greatest in the world. According to a new report by The Guardian, many of the Toronto skyscrapers under construction will be among the tallest in the country.
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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