Here's a breakdown of the week's key headlines, plus a helpful explanation courtesy of our parent brokerage, Bosley Real Estate!
Queen Victoria's birthday is behind us now and that means the activity is gearing up for the final push for the spring market before summer sets in and trekking to the cottage begins. It seems the spring weather never happened. We went from miserable rainy days to this weeks above average temperatures. The number of new listings this week should be on the rise but let's see next week how many of those will receive multiple offers. Every year it's the same story. Homeowners often prefer to wait for the flowers and trees to blossom before they list their homes for sale. Buyers will have more choice now!
Last week in the freehold market sellers were still holding back obviously waiting for the long weekend to come and go. New listings were down 23% from the previous week. We are reading in the news that people don't want to sell their existing properties because they worry it will be difficult to find their next house or condo, so they want to buy first before selling and that has been a challenge with fewer listings this year. The number of sold properties also dropped by 9% last week but a strong 70% sold at or above the list price.
The number of new condo listings was down while demand and sales had no change from the week before. There were 40% fewer listings week over week creating increased competition which resulted in 58% of available condos selling over the asking price. While the number of new listings has remained stable in the east and west, the noticeable drop is in the central core, proving once again that demand still exists for central condos.
*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:
Toronto-area millennials want their own backyards, report says
“Millennials may be delaying marriage and taking longer to move out of their parents’ homes, but when they do, their entry in the housing market is expected to drive up home prices and increase congestion in the suburbs, according to a new report from Ryerson University.”
OREA isn’t backing down from its lack of affordability message in Toronto and Hamilton
“Ontario Real Estate Association (OREA) CEO Tim Hudak skirted questions about the organization’s feud with the Toronto Real Estate Board (TREB) on Tuesday and instead stuck to the lack of affordable housing in Toronto, an issue which has previously irked the city’s board.”
Stop blaming mortgage stress tests for killing the housing market
“When things go wrong in the housing market, people get angry. So expect to hear a lot of irate commentary on whose fault it is if house prices keep falling in Toronto and other places where people have been making lots of money off the housing boom. The narrative is already taking shape: The introduction of mortgage stress tests for home buyers by the federal government’s banking regulator has ruined the housing market and, in particular, hurt first-time buyers.”
Greater Toronto New Home Sales Clock Their Worst April In Decades
“On the bright side, buyers will have more choice than before.”
The Most Expensive Homes For Sale In Canada Right Now
“This seems to be the year of the condo in Canadian real estate — even, it would seem, at the very top end of the market.”
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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