Here's a breakdown of the week's key headlines, plus a helpful explanation courtesy of our parent brokerage, Bosley Real Estate!
As we transition from dreary wet weather to sunshine and cherry blossoms, everyone seems to be smiling and there is a new bounce to our step. Even though we have seen a significant increase in new listings for freehold and condos last week, the Toronto real estate market remains fickle. It's hard to predict which properties will be snapped up and which will languish. Will the Toronto market see a mini-resurgence this spring?
The freehold market recorded a solid 25% increase in new listings last week. Most of the new listing activity was recorded in the central core, with 57 new listings alone priced from $1.SM to $3M. The media reported this week that the luxury home sales have tumbled from last year. 90 single family home sales fell into that category between January and March this year, compared to 281 in the same period last year and 110 in 2016. Luxury homes are defined as those that cost at least three times the median price in the overall market. The number of sold properties dropped by 12% last week but a strong 77% sold at or above the list price.
A similar market exists in the resale condominium sector with a 25% increase in new listings. Sales followed suit to the freehold market with a 12% drop in the number of sold units, but of those 48% sold at or above the asking price. It is important to note that condos priced in the $400 -$700 price range continues to be the condo sweet spot reserved for home buyers abandoning their hopes of buying a home with a backyard.
*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:
Regulations Add $229,000 To Cost Of Homes In Canada's Hottest Markets: Study
“Buyers in Canada's most overheated real estate markets paid an average of $229,000 extra per home between 2007 and 2016 because of regulations making it difficult for builders to construct more single-family houses, said a new study.”
Sellers aren’t panicking in Toronto’s weakened housing market
“Even with transactions at their lowest level since the 2009 recession, sellers in Canada’s largest city have avoided listing their homes en masse in what could be a sign of confidence the market will come back. According to data released Tuesday by the Canadian Real Estate Association, new listings in Toronto fell 8.6 per cent in April from a month earlier and are down nearly 30 per cent from a year ago.”
Toronto Real Estate Board tells Ontario counterpart to ‘stay in their lane’
“The president of Toronto’s real estate board warned leaders of the Ontario Real Estate Association, headed by a former Progressive Conservative leader, to “stay in their lane” in an emphatic letter that relays his concerns that the provincial group is stoking fears about the housing market and becoming too political..”
Still waiting for the Bank of Canada's promised real estate rebound: Don Pittis
“Timing is everything in cyclical markets like housing, but can you afford to wait for a recovery?”
Toronto New Home Listings Vanish Because Sellers Don't Like What They See In The Market
“Homeowners in Toronto and surrounding regions don't seem too impressed with what's been going on in their housing market, and they've responded to the slowdown by staying put in their homes.”
Missed the most recent round up?
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
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