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 second week of November 2017!
HO HO HO here come the holidays! Santa Clause is coming to town. The annual parade comes to town on Sunday and has been a staple in Toronto for 113 years keeping the tradition alive. Does that mean we are winding down and getting ready for Christmas? It doesn’t seem that way with a swell of new listings hitting the market in the early part of November compared with this time last year. Could this be a sign that sellers are hustling to list before the new “stress test” rules surrounding mortgages come into effect on January 1st.
Last week the freehold market saw 222 new listings in the central core hit the market up 35% from the week before with the east end doubling their new listings from 38 to 77. Sales were brisk for all parts of the city out pacing the week before with the west end up 65 percent. We are still experiencing multiple offers and 45 percent of all sales are selling over the asking price.
The condo market did not see an increase in new listings last week with only 299 listed, but there was a 21 percent increase in sold condos (162) mostly in the central core. Of those condos sold 35 percent sold over the asking 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 WEEK:
Toronto, Vancouver housing markets move in drastically different directions
“Canada’s two most expensive housing markets have moved in different directions over the past year, leaving average national sales with an appearance of relative stability that masks sharp regional differences.”
Vancouver approves regulations around short-term rentals including Airbnb
“Vancouver has joined the ranks of large cities around the world that have moved to regulate Airbnb and other short-term rental platforms.”
Toronto, Vancouver Housing Shortages Will Keep Prices Soaring: CIBC
“The efforts of provincial government and federal regulators to cool off Canada’s hottest housing markets will amount to little, and Toronto and Vancouver will soon be back to their old tricks, according to a new report from CIBC.”
Are Foreign Buyers Really Ditching Vancouver For Seattle?
“Ontario’s 1.6 million condo residents have a new avenue for settling disputes in their buildings and neighbourhoods. Last week, the province launched its first online tribunal to help resolve the complaints that arise in 10,000 condo corporations.
NATIONAL HOME SALES GAIN MOMENTUM HEADING INTO YEAR-END
“National home sales rose for a third consecutive month in October, up 0.9% m/m (seasonally adjusted), though remained 4% below a year earlier. Sales increased in about half of local markets last month.”
In case you missed last week’s Market Insight, here’s what topped Toronto real estate news in the first week of November!
~ Steven and the Urbaneer Team
– earn your trust, then your business –
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