Are developers are getting carried away when it comes to maximizing space in shrinking Toronto condominiums units? A new building is selling condos... without ovens!!
This story - and more - in the week's breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
MARKET UPDATE FOR THE WEEK ENDING JUNE 14TH, 2019
**WE THE NORTH ARE THE CHAMPIONS! Raptors dethrone Warriors on their own soil to win NBA Finals for the first time in history!!**
Hard to believe we are almost halfway through 2019. If that thought is depressing, don’t forget that the best is yet to come. Hopefully sunshine and heat waves are in the future and while still sizzling, there are signs that Toronto’s real estate market is still going strong. Every week we pore through data and talk in length in the office and at meetings to get a feel for what is happening out there in the market place. It seems we are one month behind because of the crazy weather we have had all year, and it looks like the spring market will last well into the summer this year. Buyers are still out there looking for that perfect home.
Call it the Yo-Yo effect. One week we have a surge of new listings and then the next week we see listings taper off... well last week listings were up 6% compared to the week before but sales slowed slightly, backing off by 15%. While pre-emptive offers continue to weaken, it is interesting to observe that 57% of all homes still sold above their asking price.
Like the freehold market, the condominium sector is behaving in a similar manner. Listings were up by 10% week-over-week, but sales however backed off by a marginal 12%. It is worth reporting that the key indicator of the condo market health has to be the percentage of suites selling at or above the list price.
Last week that percentage was hovering around 50%, a solid indicator the condo market is still trading well.
*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:
Ontario, Quebec cottage real estate markets buoyant despite flooding
“Spring flooding has failed to sink Ontario and Quebec’s cottage real estate markets, according to Royal LePage’s annual recreational property report.”
One of Toronto’s newest condo buildings doesn’t have ovens
“Developers are getting creative with how they maximize space in shrinking Toronto condominiums units. A new building is selling condos without ovens.”
Is the mortgage stress test making Toronto’s housing crisis worse?
“We may be mortgaged to the hilt, but Canada’s loan default rate is still tiny: Just 0.3 per cent. We’ll do anything to ensure we don’t miss those payments.”
Real estate market ‘primed for a comeback’: Metro Vancouver brokerage
“Data suggests housing inventory, while higher than in recent years, is still historically low – leading to increased demand, according to Dexter Realty.”
Province overrules Toronto on plans for midtown, downtown to allow taller, denser towers
“City leaders say the province is creating a “Wild West” for developers in Toronto while showing “outright contempt” for residents as Premier Doug Ford’s government significantly changed plans governing development in midtown and the downtown core.”
In case you missed them, here's last month's round ups:
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
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