Bully offers are back! A west end house listed for $899,000 sold in just 2 days, with 4 competing bully offers causing the sale price to spike to $1,410,000!
Here’s a rundown of the latest Toronto real estate figures, as well as some key media headlines, all courtesy of our parent brokerage, Bosley Real Estate!
Ah September. Just as we predicted, and the fall real estate market is off! The floodgates are open and new listings are finally coming to market. The question again is do you list low and create a bidding war or list at where you think it will sell? If you ask the agents you will get mixed reviews. But if you look at the statistics the way to go is to list low. A property in the west end that was listed for $899,000 sold in 2 days. They had over 80 booked showings and generated 4 bully offers and sold for $1,410,000! Was it priced too low? We say yes. So now that house has set a precedent for pricing. It is encouraging to see a continued resurgence in the demand for ownership housing.
New listings in the freehold sector were up last week 15% from the week before, but the sold listings were up by an astonishing 127%. These were all the properties that had come on the market right after Labour Day. Supply and demand economics propelled 59% of sales sold at or above the list price. Not surprising, homes priced in the $700K to $1.SM range were in demand the most with 46 out of 69 homes selling over the asking price.
The condominium market performed similarly to the freehold market last week with only a 3% increase in new listings, to 275 units throughout the core. Sales improved by 73% from the previous week, and the activity continues to be strong with 55% of condos selling at or above the list price, and the majority of those sold were under $700,000.
*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:
Realtors allowed to post sold prices — finally
“The Toronto Real Estate Board (TREB) continues to stall on the online publication of sold information, according to some Toronto brokers who have received cease and desist letters telling them to pull sold prices from the listings on their password-protected sites.”
Torontonians want more housing, but many don’t want development too close to home, polls shows
“An overwhelming number — 87 per cent — of Toronto-area residents believe that boosting the housing supply would help address the region’s affordability crunch. But many people don’t want that new housing built too close to their own home.”
Rental Rates In Canada: Ontario Cities Soar By Double Digits As Vancouver Cools Off
“Ontarians struggling with rising living costs will find little encouragement in the latest rental rates report from rental site Padmapper.”
Canadian Real Estate Association Lowers Sales Forecasts For 2019… Again
“The Canadian real estate industry expects sales to slow further than previously thought. Canadian Real Estate Association (CREA) economists have revised their annual forecasts. The good news is the summer was better than expected, leading to an improved outlook for 2018. The bad news is the ambitious 2019 forecast is looking less ambitious. CREA now expects that 2019 will look very similar to this year.”
B.C. homeowners hardest hit by Canada’s rising interest rates: report
“A new report suggests homeowners in B.C. have the highest net worth in Canada at more than $1.1 million — but also that they’re feeling the biggest financial squeeze because of rising interest rates.”
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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