Are you actively involved in Toronto's Fall real estate market as a Buyer or Seller? Or are you watching and waiting to see what the market will do as we close out the year? Either way, here's the Toronto real estate news from the second week of November that you need to know!
It's a brief breakdown - courtesy of our parent brokerage, Bosley Real Estate - of the major stories surrounding real estate in Toronto's central core!
It’s that time of year again. Santa Claus is coming to town and if that doesn’t signal the start of winter then this week’s little blast of cold sure did. Despite the temperature drop there is no sign that the real estate market is slipping into hibernation just yet. A shortage of listings has been a problem for most of the year and we know buyers are frustrated but we encourage them all to keep looking. If you are thinking of putting your buying intentions on hold you might not like it when interest rates go up again in the New Year, more than once!
Last week in the city the freehold sector saw a 24% drop in new listings. Sales were lower than the previous week, down 33%. We are still 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 65% of homes selling above their list price.
At this point in the year it’s fair to say that the condominium sector is the favorite child of Toronto’s real estate market. The condo sector had another stellar week with a 26% increase in new listings last week. While sales tapered off slightly by 11% the excitement is still evident with 50% of all sales trading at or above the list price. Nowhere is competition more fierce than in the central core in the $400K to $700K price range.
*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:
Vancouver Condos Boom, Toronto Suburbs Swoon In 'Fickle' Housing Market
“If you own a home north of Toronto, you'd better sit down.”
Moving to Toronto suburbs rarely saves cash: CMHC
“Fleeing Toronto for a cheaper house in the suburbs isn’t worth it for many people who have to commute to jobs back downtown.”
What You Need To Earn To Afford A Single-Family Home Across Canada
“Home affordability has become so strained in Canada's priciest markets that if incomes don't catch up, house prices will fall, says the co-author of National Bank of Canada's latest home affordability report.”
These demographics will dominate the Waterloo Region soon
“While the Waterloo Region is still a relatively affordable haven especially when compared to red-hot Toronto, the near future of the market will primarily cater to the preferences of two major demographics: middle-aged buyers of second homes, and baby boomers (ages 55-74).”
2019 forecast release in December
“Canadian Real Estate Wealth’s Property Forecast issue will be out in December, and after this year’s real estate market turbulence, readers will breathe easier next year.”
In case you missed it, here's the Bosley's Market Insights from this month and last!!
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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