Wondering what happening right now in Toronto's housing market? Here's a brief breakdown - courtesy of our parent brokerage, Bosley Real Estate - of the major stories surrounding real estate in Toronto's central core the final week of September 2017!
"Call us unimaginative, but along with being thankful for family, good health and warm fall weather, this year we are going to be thankful for being Realtors®. Again. Sure, it has been and up and down and up kind of year and no we have not moved out of the near bottom ranking of jobs people like to hate, but nobody gets to explore and enjoy the city like we do. As the city learns to live a high-rise lifestyle we Realtors can enjoy some of the city’s most stunning views in the morning and wander amongst the grand homes of Lawrence Park in the afternoon. Condo owners have a bit more to be happy about as overall price growth in that sector continues to outstrip the single home market but recent stats from the Toronto Real Estate Board show all house types up year-over-year in the 416. Happy Thanksgiving!
In the condo market there was a modest decline in new listings as we head into the Thanksgiving long weekend with listings down 12% to 276 from 314 the previous week. Buyers can be thankful, though Sellers are definitely not, that the percentage of condos selling above their listed price continues to decline. This week only (yes, only) 27% of condos sold over their advertised price, down from above 40% in early-September.
In the freehold market the decline in new listings was more pronounced, down 17% from the previous week. While the condo market seems to have found its identity (just keep going up), the freehold market still seems to be looking for stable footing. We are witnessing a bit of everything, with some listings reducing their prices after a few weeks and some still increasing their price when they don’t get a bidding war on offer night. Bidding wars are still happening with 35% of homes selling above their list price, just not to the same extent they were in the ultra hot spring market."
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan 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 WEEK:
Gta realtors® release September resale housing market figures
“This result was down by 35 per cent compared to September 2016. The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.”
Toronto housing affordability hits worst level ever measured in city, RBC report says
“Housing affordability in Canada hit the worst level in 27 years in the second quarter of this year, according to a Royal Bank of Canada report.”
City allows chickens to come home and roost
“Four Toronto wards will participate in a pilot project allowing for backyard coops.”
Toronto resale home prices jump
“The average Toronto area resale home price rose by about $43,000 or 6 per cent in September compared with August — a sign, say some realtors, that the slumped market is waking up, or at least levelling off.”
Case of the copycat castle
“A Forest Hill couple took their neighbours to court for copying the look of their multimillion-dollar home.”
~ Steven and the Urbaneer Team
- earn your trust, then your business -
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