January is historically a quiet time in the world of Toronto real estate; buyers are less likely to face the frigid weather to attend open houses and viewings, and sellers know that their properties have very little curb appeal amidst the snow and slush. But that doesn't mean that the market is dormant. In fact, earlier this week we blogged about encountering multiple bidding wars, indicating that there is an active population looking to make a move, regardless of the weather: '35 Offers On 3 Downtown Properties Last Night Signals Rocketing Demand'. And whether it's January or June, there's always a line-up of breaking news stories relevant to Toronto housing! Here's a breakdown of last week's key real estate headlines, courtesy of our parent brokerage, Bosley Real Estate!
The Toronto real estate market has had a sluggish start with slim listings and hesitant buyers. Generally speaking January is a slow month for new listings, but the demand is high and now that most of the snow has melted it is time to start seeing 'For Sale' signs popping up. Sales have dipped 6 percent in the first half of January in the GTA area compared to the same period last year. It seems the overall market is affected because of the 12 percent drop in condo sales so far in January compared to the same time last year.
In the freehold sector listings continue to be a source of concern. A year ago there were 251 new listings compared to just 209 this year. The good news is there were more sales posted this week up by almost 34 percent compared to the previous week. As we continue, the hope is more Sellers will come to market soon and not wait until March. The demand is strong thanks to a robust economy. The condo sector has seen more listings come to market. Last week we had 190 new listings compared to 146 the week before. We also have seen a jump in sales by 25 percent week over week. The condo rental market is a blazing hot segment in Toronto's downtown core. Because there is a lack of inventory the concept of "holding offers" has moved over to the rental market. A record 27,200 condo apartments were leased through MLS in the GTA in 2017, up 1 percent from 2016. Agents say the multiple bids blind auction has become one of the features in the tight rental 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:
REAL ESTATE What you get for $1 million in five different Toronto neighbourhoods
“117 Bowmore Road. Woodbine Corridor (near Gerrard and Coxwell). List price: $899,000. Sale price: $1,005,500. Sale date: October 23, 2017. Closing date: December 21, 2017.”
Toronto is getting two new waterfront parks
“The City of Toronto held its first public meeting this week for members of the waterfront community to weigh in on two new parks along Queens Quay West..”
Condo strength feeding a ‘move-up’ mentality
“Real estate observers say more condo dwellers could be looking to find a place with a backyard, having outgrown their current digs while seeking to cash in on equity they’ve built up.”
5 Things You Need To Know About Canadian Real Estate In 2018
“Even in formerly scorching markets such as Toronto and Vancouver, sales are softening and price growth is slowing.”
Forget Car-Free Buildings. Bike-Only Condos Are Coming
“More condos, more bike lanes, more cyclists... is there a collision in Toronto's future? Or are homes in the sky becoming more bike-friendly?.”
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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