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 third week of November 2017!
Over the years we have watched the Black Friday phenomena move north of the border and now it is not unusual to see line-ups outside big box stores in Toronto. As always the in demand items are electronics, televisions, clothes and… Real Estate? While a few weeks back we might have thought we were headed for an early end to the Fall market, that definitely does not seem to be the case as we get into the second half of November. Don’t get us wrong, these are not door crasher numbers but sales in the Freehold category increased and the condo market continues to defy every new bit of legislation the government can throw at it.
We have reviewed our holiday/long weekend calendar and are clear for the rest of the year. We have however entered what is universally known as the ‘Holiday Season’ and the freehold market always respects the holiday season. So we are not at all surprised to see the number of listings declining from the previous week down 20% to 178 from the 222 the previous week. We did see a nice jump in sales, up 12% to 132 from the 118 the week before. We believe the new mortgage stress test is keeping the Buyers interested even as the Sellers get to decorating their houses and this resulted in the number of freehold properties selling above their advertised price remaining at the lofty 42%.
The condo market saw a modest decline in both listings and sales but saw an increase in the percentage of properties selling above their listed price, up to 40% from last week’s 35%. New listings declined 10% to 270 from 299 and sales declined a similar amount to 147 from the 162 the previous week. With the continued pressure from Buyers to buy before the new mortgage rules come in on January 1st, 2018 we expect the condo market to be strong for the rest of the year.
*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:
Can the government save the middle-class wannabe homeowner in Toronto and Vancouver?
“With a new federal housing strategy coming imminently, let's catch up on what the recent ups and downs in Canada's most expensive real estate markets mean for affordability.”
Don't expect government meddling in the housing market to fix it: Don Pittis
“This week, as the federal Liberals roll out their latest plan to fix housing in Canada, they face a Sisyphean task, one they're unlikely to complete.”
Vancouver condo rush sparks local and foreign flipping frenzy
“The condominium market has turned red-hot in Vancouver, with agents saying local and offshore buyers are snapping up units that are not yet completed, even as a foreign buyer tax has sent detached home sales plunging.”
Record October for new condo sales in GTA
“The Building Industry and Land Development Association says the Greater Toronto Area's supply of newly constructed condos last month hit its highest level since it began tracking that data about 15 years ago.”
Toronto Real Estate Prices Roll Back, BC Now Home To The 3 Most Expensive Markets
“Canadian real estate has divided into two distinct markets, once again. Numbers from the Canadian Real Estate Association (CREA) show that half of markets posted price gains in October, and half showed price declines. Even with some showing monthly declines, only two major markets showed negative price growth over the past year.”
In case you missed last week's Market Insight, here's what topped Toronto real estate news in the first two weeks of November!
~ Steven and the Urbaneer Team
- earn your trust, then your business -
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