Wondering what happening right now in Toronto's housing market? Here's a brief 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 November 2017!
In the olden days of yore we used to judge the changing of the seasons by stepping outside and observing the natural environment. Cooler evenings and the kaleidoscope of colours would indicate the onset of Fall and a powdering of snow was a sure indicator that winter was upon us. The weather seems a less reliable indicator these days but not to worry the world of marketing and retail sales will keep us focused on the changing seasons. If you haven’t left your house since Halloween you may not have noticed that it is suddenly Christmas everywhere you look. Unfortunately, the real estate market does not flip seasons as easily as your local retailer and the indicators we look for are harder to spot. The fall market is influenced by many things including believe it or not, when we get our first snow fall. Snow and bad weather not only indicate the approaching holidays when nobody really wants strangers tromping through their houses in Uggs and Blundstones and understandably the typical Seller and Buyer start to consider things other than real estate (I know we hardly believe it ourselves). This fall has been a particularly difficult market to get a finger on. Some days are hotter than average and setting records and some neighbourhoods feel like they are in a cool chill. New legislation makes some people think that the market will end early and has others thinking it will go to the last day of the year. We will keep on working and let you know how our seasonal transition fairs.
In the freehold market the number of new listings and sales both showed continued declines after seeing numbers rise through the first two weeks of October. Listings were down 7% over the previous week to 166 from 180 but are down a significant 30% since the mid-month high of 237. Sales declined 30% over the previous week from 136 to 93 and the percentage of homes that sold above their advertised price was 46%, down 12% from the previous week. The east end continues to be the hottest freehold market with 65% of all sales going above their listed price.
The condo market held steady in new listings with an increase of 10% up 28 new listings to 295 last week. The new listings have been incredibly consistent for months with each week being within 10-15% up or down of the previous week. There seems much less variation in numbers of new condo listings than compared to the freehold market. There was a similar decline of sales in the condo market as with the freehold market with 26% fewer units selling last week over the previous week. The number of condos selling above their listed price was 32% which falls within the typical range we have seen the entire fall market, never straying from 25-35% of condos selling above their advertised price.
*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 WEEK:
Hundreds of Toronto condo buyers lose homes after developments fail
“When Tanya Rumble and her partner Josh Kolic heard a new condo development was going up in their Junction neighbourhood, they thought it would be the ideal time and place to buy. After all, they had been renting in the neighbourhood for seven years and loved it.”
Homes You Can Buy In Canada For $500,000 Today
“It used to be that half a million dollars was a lot of money. Today, it's just what you need to afford an average home in Canada.”
Ontario Needs To Give Developers Better Reasons To Build More Rentals
“As the housing supply crisis gets worse, planned rental developments are either being cancelled or converted to condominium projects due, in part, to housing and rental policies implemented by the Ontario government. This is widening the gap between rental housing supply and demand even more. In fact, a recent study revealed Ontario will be short 6,250 rental units every year for the next decade to meet rental demand. If you're a renter, or hoping to be, that number should concern you, and it's only going to get worse..”
Condo disputes can now be resolved online
“Ontario's 1.6 million condo residents have a new avenue for settling disputes in their buildings and neighbourhoods. Last week, the province launched its first online tribunal to help resolve the complaints that arise in 10,000 condo corporations.
Pace of housing slows starts in Toronto area
“National total for October up 16 per cent, led by a big increase in Quebec New housing starts tumbled in the Toronto region in October as builders slowed the pace of new project construction amid market uncertainty.”
Take a look at what topped the news last month! Here are the most recent Bosley's Market Insight blogs!
~ Steven and the Urbaneer Team
- earn your trust, then your business -
Like what you've read? Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture and design including our love for unique urban homes and other Toronto real estate!
Love Canadian Housing? Check out Steve's Student Mentorship site called Houseporn.ca which focuses on architecture, landscape, design, product and real estate in Canada!