It's hard to believe we're already done June, and heading into Toronto's hottest month! Get ready for a steamy, sweaty summer in the Six!
Here' a roundup of the biggest final headlines in June!
0, Canada: Canada Day- Summer may officially start June 21, but for many, Canada's birthday heralds the official kickoff of summer. For parents it means no more early morning rush to get the kids packed up for school and traffic around the city gets a little lighter. As we cruise into the hot summer months we have the opportunity to take a bit of a breather from our fast-paced lives, take a trip out of town, or enjoy time sitting by the dock or under your favorite patio umbrella ... unless you are trying to buy a house, in which case all bets are off.
After a flurry of listing activity in the last two weeks, listings tapered off last week by 7% and sales were also down by 5%. It's not unusual to see this happening a week before a long weekend. The high-end price range of $3M plus saw 23 new listings come to market last week. Competition for homes is still strong with 53% selling at or above the asking price. We believe that buyers are still very active in the market place but are taking a but more time to make a decision.
Last week in the condo sector there were 10% fewer listings on the market but we were excited to see a 15% increase in sales week over week. Of those recorded sales, 58% sold at or over the list price. Bigger suites in the downtown core,
particularly those in the $700k - $1.Sm range are receiving the most attention with over half selling above the list price.
"Great promise and responsibility await Canada. As we look ahead we will continue to rise to the most pressing challenges we face. We will meet these challenges the way we always have: with hard work, determination, and hope.”
Happy Canada Day!
*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:
Many homebuyers still believe foreign ownership is heavily influencing housing prices: CMHC survey
“Foreign buyers might make up a small sliver of Canada’s biggest real estate markets, but homebuyers in Toronto, Vancouver and Montreal still believe they are heavily influencing housing activity..”
Trump’s tariffs and new mortgage rules to affect Bank of Canada interest rate, Stephen Poloz says
“The impacts of both the escalating cross-border trade fight and new mortgage rules will “figure prominently” for the Bank of Canada ahead of its upcoming interest-rate decision, governor Stephen Poloz said Wednesday.”
In one of West Vancouver’s nicest neighbourhoods, nobody’s home except dust bunnies and raccoons
"In one of Canada’s most expensive neighbourhoods, in hilly West Vancouver, sits a row of seemingly abandoned mansions. Not a single person can be found on the upper north side of Highview Place on a weekday midafternoon."
Flawed regulation blamed for B.C. casino money laundering
“British Columbia’s dysfunctional regulatory regime for casinos has enabled large-scale transnational money laundering by organized crime that is tied to the deadly trade in opioids, says a report by a former deputy commissioner of both the RCMP and Correctional Service Canada.”
Twelve of Toronto’s best new patios
“The Canada Day long weekend is upon us and things are about to get hot, hot, hot! With Saturday’s predicted temperature of 35 degrees (but feeling more like 45, holy f@$!), you’re going to want to find ways to cool off. And what better way than with a cold beer on a patio?”
Missed our other June 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! and The Top 50 Blogs On Toronto? 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!