After Thanksgiving - perhaps a much needed "breather for Toronto Buyers and Sellers - the number of new listings increased 38 per cent, week-over-week!
Here's a rundown of the latest Toronto real estate figures, as well as some key media headlines, all courtesy of our parent brokerage, Bosley Real Estate!
As we find ourselves midway thru October, it's going to quickly become primetime to view the changing landscape and watch the leaves change right here in our own backyard. The 7 best places in Toronto to see this beauty are: High Park, Toronto Islands, Humber River, Beach Boardwalk, Trinity Bellwoods, Evergreen Brickworks, and Mt. Pleasant Cemetery, located within some of the best neighbourhoods in the city. As we wade into the final days of the election, we have seen a slowdown in sales both in the freehold and condo markets. While we feel the outcome of the election has little bearing on home values, some buyers are taking the wait and see attitude towards buying right now. We shall soon see who reigns supreme.
The freehold market continues to follow the long weekend pattern. After taking a breather for Thanksgiving, as expected the listings were up 38% week over week. Sales have dropped dramatically by 46% as the election is fast approaching. The east end is still leading the pack with 75 percent of sales sold at or over the asking price, with plenty of bully offers as well.
In the condo market new listings were also up by 25% from the previous week with the central core leading the way again. The units sold were down by almost 30% from the previous week. Condos that sold above their advertised price represented 41% of the total sales for the week and this is a number that has remained fairly consistent throughout the fall 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:
Most Canadians won’t grow cannabis at home, and many think smoking indoors will hurt resale value, survey indicates
“Many Canadians are anxious about the intersection of cannabis and real estate, and while there may be a new way to take the edge off, many won’t be growing their own pot at home, according to a new survey.”
OREA asks Ontario to allow open bidding process, revamp realtor rules
“The Ontario Real Estate Association is making more than three dozen recommendations to the provincial government on how it should update the rules governing realtors, including allowing for a more open bidding process for buyers and sellers.”
House price gains largely bypass the 905
“The Toronto region’s housing recovery has yet to take hold in the most of the 905-area communities surrounding the city.”
Condo Flippers Aren’t the Vancouver and Toronto Housing Culprits
“Condo flipping was never pervasive in the Vancouver and Toronto housing booms and that sliver of the market has faded over time, suggesting tougher measures to curb speculators won’t make those cities more affordable.”
Global Housing Rankings: Toronto Drops From 1st To 137th As National Sales Drop
“After years of frenzied activity, Canada's housing markets are calming down — so much so that Toronto has gone from being the world's hottest residential market to one of its weakest.”
In case you missed it, here's the Bosley's Market Insight from last week!
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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