The condo market is still booming, despite the weather! This and more information in the week’s breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
Ah January. The month of new beginnings as we all wait for the real estate market to take off. Generally speaking January is a slow month for new listings and the weather has been kind to us, but research indicates that listings in the freehold sector have backed off substantially from a year ago while demand has not wavered. The Bank of Canada decision to hold its benchmark interest rate steady, and RBC lowering its mortgage rate 15 basis points yesterday with likely more cuts to come, has given some people hope they’ll be able to buy or trade up.
In the freehold market listings continue to be a source of concern. Compared to the same time last year the east end of the city (E01-E03) is way down in listings. But we are seeing multiple offers starting up again. A listing in the east end listed for $649K attracted 14 offers and sold for $853K. Are potential sellers reluctant to list their properties for sale in this uncertain market? The buyers are out there waiting.
The resale condo market on the other hand has started off with a boost in new listings, almost 50% more than a year ago. The sales are virtually the same but 2019 is starting off strong with 58% of the condos sold in the downtown core selling at or above the list price. As many as 25,000 finished condo units will be delivered this year. That’s a big supply jolt for a market that has delivered fewer than 15,000 finished units over the past two years.
*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:
Canada’s Housing Markets End 2018 With A Thud Amid ‘Sharp Slowdown’ Worldwide
“Canada’s housing markets ended 2018 with a thud, with sales falling for the fourth straight month in December, the Canadian Real Estate Association (CREA) said Tuesday.”
Rents Rise By Double Digits In 17 Of 24 Canadian Cities: Padmapper
“The mortgage “stress test” and rising interest rates are the likeliest culprits.”
Montreal’s real estate market expected to soar to new heights this year
“Amid predictions of rising rents in some of Canada’s already-red-hot markets, a new report shows there could be bad things to come even for those who don’t plan on moving.”
How Quebec came to rule Canadian real estate in 2018
“In the real estate obsessed Toronto region, 2018 was the year of the condo — again. Condo prices have been rising for the past three years.?”
Last weeks round up:
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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