Are you actively involved in Toronto's Fall real estate market as a Buyer or Seller? Or are you watching and waiting to see what the market will do as we close out the year? Either way, here's the Toronto real estate news from the third week of November that you need to know!
It's a brief breakdown - courtesy of our parent brokerage, Bosley Real Estate - of the major stories surrounding real estate in Toronto's central core!
Black Friday has surely made its way north of the border and line-ups will be forming outside stores in Toronto. More so this year because of the postal strike and parcels not arriving before Christmas. We have now entered what is known as the “Holiday Season” and the real estate market will reflect the change. There are a few different factors that may affect our market. One of them being the stock market with some steep losses this week and the global economy showing signs of weakening. With that being said, the freehold market saw some modest gains and the condo market continues to defy us all.
As we enter the holiday season, we are not at all surprised to see the number of new freehold listings decline from the previous week by 24%. We did see a nice jump in sales, up 9% from the week before. “Days on market”, one of the key indicators of our market, have been getting longer but still 62% of sales happened at or above the list price with the east end at a staggering 71% selling over list.
The condo market continues its positive activity. While new listings dropped slightly last week by 9%, sales have remained unchanged. Multiple offers once reaching a high of 57% of suites sold back in September has diminished to a still healthy 42% of condos selling over the asking price. With continued tightening of mortgage lending and interest rate hikes, it has yet to put a damper on the condominium sector.
*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:
Canadian Real Estate Prices Are Up Over 44% Over The Past 5 Years
“Canadian real estate prices are slowing in growth, but they made a wild run over the past few years. Canadian Real Estate Association (CREA) numbers show price growth made a huge deceleration into October. Price growth is now close to target inflation, but over the past 5 years they’ve increased by over 44%. Not just in Toronto or Vancouver, but that’s the national average.”
Canadian Housing Swings Back Into Downturn Mode
“After showing signs of a rebound over the spring and summer months, Canada's national housing market has slipped back into downturn mode, two new reports released Thursday show.”
Builders blame Ontario’s growth plan for rising home prices
“The Toronto area’s land squeeze will continue to drive up home prices and commute times unless the Ontario government puts the brakes on some of the targets in the updated version of its smart growth plan, says the region’s home builders’ association.”
Only 2 Canadian Real Estate Markets Are Seeing Improved Demand
“Canadian real estate markets are still cooling around the country. Canadian Real Estate Association (CREA) numbers show only two markets saw SNLR improvements in October. The indicator, used as a gauge of demand, fell fastest in some of Canada’s largest real estate markets.”
Real Estate Board of Greater Vancouver launches ad campaign to improve industry’s image
“As the real estate market shifts, the Real Estate Board of Greater Vancouver is launching a new ad campaign.”
In case you missed it, here's the Bosley's Market Insights from this month and last!!
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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