It's hard to believe we're already halfway through June, but we're feeling summertime happiness in the Six!
As we bask in the 30-degree weather, here's a breakdown of the key headlines, including a likely 'baby bust' - who knew there was a correlation bewtween house prices and birth rate?!
Hard to believe we are almost half way through 2018. If that thought is depressing just psych yourself up for the best is yet to come. Sunshine and heat waves are in our future for the next few months, but are there signs that Toronto's real estate market has backed off slightly from the frantic pace that was the Spring market? Inventory levels are becoming a concern, particularly in the City of Toronto. The number of new listings this year compared to last year is 25% less, and that represents a pattern that has been emerging. Declining inventory will lead to rising prices and active competition for good properties in desirable neighbourhoods. We know the market is different this year but as the old saying goes .... nothing is as constant as change.
Case in point, the number of new freehold listings was up by 10% but the number of sales last week were down by 16%. With more listings coming to market why are we not seeing the sales? Are we seeing buyer fatigue already? The price range of $700K to $1.5M is again the most popular price range. Of the 92 properties that sold in that price range, 65 of them sold at or above the asking price. That's 62%!
Similar to the freehold market, the number of new condo listings was up by 12% last week and the number of sales were down by 10%. The hottest price point last week was the $400K-$700K sector in the central core where 58% of the condos sold at or above the list price. This is a strong indicator that the condo market is extremely healthy.
*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:
Toronto housing-price growth has turned negative for the first time since 2009
“Canadian real estate printed huge gains from last year, due mostly to condos. The Teranet – National Bank of Canada House Price Index (Teranet HPI) is just a point below the all-time high. That was the good news. The bad news is price growth across Canada has decelerated for the longest period since 2008, with Toronto turning negative for the first time since 2009.”
Complaints about nosy landlords on the rise
“Like many Torontonians in search of a home, Katy Schuyler would do almost anything to secure a coveted one-bedroom apartment downtown. Nevertheless, she doesn’t think handing over a record of her last 30 bank transactions should be part of the deal.”
Condo Market Speculators In Toronto, Vancouver A Risk To Economy: Bank Of Canada
“Be careful if you're planning to jump into the condo market in Toronto, Vancouver or nearby areas: The Bank of Canada says condos have become the latest target of real estate speculators, making them a more risky investment.”
Decline in Ontario home prices unlikely to persist: CMHC
“The recent easing of home prices in Ontario isn’t expected to last long, thanks to solid economic growth projections and rising interest rates.”
Canada's Soaring House Prices Could Mean A Baby Bust Ahead
“The soaring cost of housing in many parts of Canada is having some profound effects on the way we live. Young families are increasingly living in condos; it's become commonplace for parents to help buy their kids' homes; and a large share of Canadians are now carrying very high levels of debt.”
Missed our May 2018 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 -
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