Here’s a breakdown of the week’s key headlines, plus a helpful explanation courtesy of our parent brokerage, Bosley Real Estate!
Friday the 13th is generally believed to be a bad luck day. With a potential ice storm this weekend it might be bad luck. Old man winter just won’t go away. When are we going to put away our coats and let the sunshine warm our bodies?
Well, as with any spring market the tide is turning slowly on the inventory problems. Market watchers are seeing signs, that sales in the GTA are starting to take off after a year of volatility. Freehold listings increased to 243 units in the core, nearly 128% higher than the previous week while condo listings increased by 353 units (or an 85% increase) over the same period.
We can hear home buyers breathe a sigh of relief as listings spiked as soon as the Easter holiday weekend wrapped up. Unfortunately, the number of freehold properties that sold was down by 33% week over week. It could be that offer night for all the new listings take place a week later. Bidding wars are still erupting, and buyers are once again flinging around jaw-dropping amounts above asking prices. It’s not uncommon to see a property sell for $300,000 over the asking price and in the east end (E01) that is a common occurrence.
The condo market last week saw a huge influx of new listings but the number of sold units was down 22% from the previous week. Finding a condo to rent in Toronto made headline news this week. The average monthly rent surged 10.7% in the first quarter from a year earlier to $2,206. Part of the reason is simple supply and demand or the fact that to buy an average priced ($590,000) resale condo in Toronto, you have to make an average annual income of $100,000, up from $77,000 a year earlier.
*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:
Sold your home? CRA may penalize you if you fail to report it
“The Canada Revenue Agency is getting tough with people who fail to comply with new rules requiring the routine sale of a home to be reported, even when there’s zero tax owing.”
You Now Need $100,000 In Income To Buy A Typical Condo In Toronto
“Condo towers near Toronto’s downtown core. The income needed to qualify for a mortgage on an average-priced condo in Toronto has now reached $100,000, according to Urbanation.”
Who are the condo investors in Toronto? A new study sheds some light
“They are a ghostly presence in Toronto’s property market – the buyers who gobble up the most and best units at developer pre-sales in the towers sprouting across the region.”
Affordable Housing In Canada In Crisis As Rental Rates Climb, Supply Dwindles
“Joanna Fletcher lives in a one-bedroom apartment on Vancouver’s east side with her 10-year-old son. The building has mice and mould, and her new landlord is threatening eviction.”
Neighbours want ‘beautiful’ terracotta-tiled home preserved in west-end Toronto
“New owners began renovations this week after discovering heritage property was “structurally unsound to be lived in.”
Missed the most recent round ups?
Bosley’s Market Insight For The Last Week Of March 2018
Bosley’s Market Insight For The Third Week Of March 2018
Bosley’s Market Insight For The First Two Weeks Of March 2018
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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Celebrating Twenty-Five Years As A Top-Producing Toronto Realtor
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