Wondering what happening right now in Toronto's housing market? Here's a breif breakdown - courtesy of our parent brokerage, Bosley Real Estate - of the major stories surrounding real estate in Toronto's central core the first week of August 2017!
"As we approach the middle of August, the traffic around the city gets a little lighter and it seems like it’s your last chance to take a bit of a breather before we start to think about getting ready for the fall real estate market. There is much talk around the office about all the new listings that will be hitting MLS after Labour Day. Will it be a repeat of May when we saw an excess of listings come to market? Are buyers waiting patiently for the impending influx of new listings to satisfy their desire for a place to call home?
The freehold sector remained relatively unchanged from the previous week. Sales were steady but the amount of new listings has tapered off by 33 per cent. The $700k to $1.5m price range was the busiest sector and 43 per cent of the sales, sold over the asking price. The west end was the hot spot this week for buyers with more than half of the homes selling over asking.
The condo sector has eased off as well with slightly less new listings and 12 per cent less sales. The hot spot is the $400K to $700K price range in the central core and 18 percent of the sales, sold over asking. The big talk in the office this week was the rental market with condo rentals receiving as many as 16 offers! Trying to find a rental in Toronto is a lot like online dating. With students going back to school renting in Toronto is the hardest it’s ever been. With rents increasing on average 11% in the last year, the average one bedroom in Toronto is $2,089 a month."
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
As Toronto rents near Brooklyn-level prices, tenants grow desperate
“Trying to find an apartment in Toronto is a lot like online dating, only more demoralizing.”
Toronto real estate market picks up after lull
“Home buyers in Toronto and some of the surrounding areas appear to be testing their mettle again after spending a few weeks on the sidelines.”
Richmond Hill real estate brokerage fined $250,000 for mishandling trust accounts
“A Richmond Hill real estate brokerage has received a $250,000 fine after pleading guilty in an Ontario court to mishandling its trust accounts that were found to be short of funds.”
Millennials turning to RVs for affordable, mobile lifestyle
“Campgrounds have long been a good barometer for the economy.”
UNICEF report suggests youth consider holistic health, belonging, respect in their well-being
“A new UNICEF report says children and youth consider holistic health, having a sense of belonging and being treated with respect among the factors that are important to their happiness and well-being.”
~ Steven and the Urbaneer Team
- earn your trust, then your business -
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