Here's a breakdown of the week's key headlines, plus a helpful explanation courtesy of our parent brokerage, Bosley Real Estate!
"April showers bring May flowers" It's May and it's finally warm and everyone is smiling. And yea the Raptors are in the second round of playoffs. With the spring market in full swing we are seeing a ramp up of new listings. The Toronto Real Estate board released the April monthly figures and it sounds all gloomy. That's because the stats include the entire GTA and the reported number of sales is down and so is the average sale price. But the good news is that the average sale price for the City of Toronto is up again!
January: $766,616 • February: $806,494 • March: $817,642 • April: $865,817
The freehold market recorded a 40% increase in new listings last week, but as the Spring market hits its stride this increase is considered low. The new listings were spread out over all areas of the city. Sales have remained identical to the week before, but competition was fierce with nearly 55% of properties selling at or over the list price. A good house, well priced, staged nicely and given enough time on the market should generate upwards of 5 or more offers depending on location, price and condition.
Condominiums have remained the strongest market statement in Toronto as buyers continue to favour the lowest-price housing option. Last week new listings increased 15% while sales saw a modest 5% gain. 204 condos traded last week up from 198 the week before. The most active category was the $400 to $700 price point in the central core with 50% of condos selling at or above the list price. Even though mortgage rates went up this week the condo market is still fueled with would-be house purchasers unable to enter the freehold market.
*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:
GTA’s hot condo market moderates in first quarter
“Rising development costs and high-profile project cancellations have injected a note of caution into Toronto’s hot condo market, with more project terminations likely to come, says development research company Urbanation..”
TD Bank, RBC Mortgage Rate Hikes Are Bad News For Borrowers Facing 'Stress Test'
“Two of Canada's biggest banks are raising their benchmark rates for five-year, fixed-rate mortgages.”
Canadian Real Estate Association Calls For Moratorium On Growing Weed At Home
“Canada's real estate industry organization is calling for a moratorium on growing marijuana at home until the government sets out nationwide regulations for the practice.”
Move Over, Toronto: Ottawa Is Canada’s New Hot Housing Market
“There is a joke that capital punishment in Canada is spending two weeks in Ottawa. Well, homebuyers these days disagree.”
B.C. watchdog probes realtor conduct of Vancouver presale condo flips
“B.C.’s real estate regulator is investigating alleged realtor misconduct in the flipping of pre-construction condo units in Vancouver’s hot market and wants the "province to start tracking the activity following a recent Globe and Mail investigation.”
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Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
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