Montreal is creeping up on Vancouver, positioned to overtake the title of the second largest housing market in Canada!
This and more information in the week’s breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
Usually by this this time in February we are normally gearing up for the spring market to start. One problem however…Seller’s didn’t get the memo. Like most of last year we continue to struggle with low inventories, Is it economic uncertainty that is causing this or is affordability the likely culprit within the freehold sector? Despite a continued increase of listings over the last few weeks it is important to note that overall listings for freehold homes is down significantly from last year, despite the influences of a brutal winter of snow storms and freezing rain. This is not the news that buyers want to hear as they are still out there waiting to purchase.
The freehold sector last week saw a 29% drop in new listings but an increase in sales up by 7%. The good news is the number of sales is 20% higher than a year ago and the percentage of sales at or above the list price remains at a notable 54% which indicates that bidding wars are still happening in certain neighbourhoods. We are experiencing very localized market conditions. The number of new condo listings also continued to contract last week while demand and sales were up 7% from the week before. With fewer listings the increased competition resulted in 42% of available condos selling at or above the list price. We are still experiencing the impact of the “stress test” which varies by location, housing type and price.
*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:
Montreal poised to overtake Vancouver as Canada’s second largest housing market
“Vancouver is on pace to lose its status as Canada’s second largest housing market to Montreal.”
Five outside-the-box housing ideas that Toronto should try, according to report
“Toronto needs to think outside the box — or the condo tower — when it comes to solving its housing challenges. Put another way: “It’s time to hack the condo model,” says the executive director of the Ryerson City Building Institute.”
Province says it will fix ‘broken’ new home warranty program, may open Tarion up to competition
“The Ontario government says it will establish a separate regulator for the building industry to remove potential conflicts in Tarion, the province’s new home warranty corporation, which was designed to regulate builders and simultaneously oversee consumer protections for new-construction home buyers.”
Homes in Kitchener-Waterloo, Guelph unaffordable for single buyers, says study
“Single people looking to buy homes in Kitchener-Waterloo often have a tougher time than their counterparts in other parts of the country, according to new research from a tech-based real estate brokerage firm.”
B.C. budget predicts end to real estate correction, increase in revenues
“The British Columbia budget tabled Tuesday is forecasting that the real estate correction that drove down sales and prices in 2018 is over, and that property tax revenues will rise this year to help fund new benefits for families and students, climate action programs and revenue sharing with Indigenous communities.”
In case you missed one, here’s this month’s round ups:
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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