If you’re engaged in any way in the Toronto real estate market, you know that the Spring market is already rolling, quickly gaining momentum in both the freehold and condo sectors!
Here’s a breakdown of the week’s key headlines, plus a helpful explanation courtesy of our parent brokerage, Bosley Real Estate!
Ready, set, go! Spring has sprung. This weekend approaching is Easter, and millions of people will delve into delicious chocolate eggs, head to church, participate in egg hunts and be thankful for the arrival of spring. Agents are all gearing up to see what happens next week. The holidays will all be over and with warmer weather and sunny days, hopefully the tides will turn on the inventory problems and the spring market will be underway!
The freehold market saw a whopping 120% increase in new listings last week throughout all neighbourhoods in Toronto. Again, it’s the price range between $700,000 and $1,500,000 that dominates, although there were 17 new listings in the central core that were listed over $3 million. The number of sold properties was up by 20% week over week and of those properties sold, 43% sold over the asking price. The east end of Toronto E0l, E02, and E03 has had the most sales. E0l has consistently been leading in all neighbourhood this year with 107% list to sell ratio.
A similar market exists in the resale condominium sector. Listings were up last week by 20% and the biggest jump happened in the central core’s first-time buyer’s price range of condos listed between $400K and $700K. Sales were down by 18% last week, but its interesting to note that multiple offers are on the rise. Last week 46% of condos sold in multiple offers.
*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 economy unexpectedly contracted in January
“Canada’s gross domestic product unexpectedly shrank in January, as the economy faces a broad slowdown after surging last year.”
Thanks to Amazon, warehouses now worth more than offices in North America
“While China slams the brakes on buying trophy properties and the retail apocalypse draws nigh, something less sexy but striking is going on in real estate.”
Restaurant owner refuses to leave Queen St. W. neighbourhood
“Rose Vuong, owner of a west-end restaurant, is holding out. Vuong’s eatery, open for decades, is wedged between properties owned by The Drake Hotel.”
2 Moncton real estate agents lose licences after ‘outrageous’ abuse of senior
“Two Moncton real estate agents have lost their licences for at least a year for taking advantage of a vulnerable senior and homeowner.”
This ridiculously huge Bridle Path mansion will run you $23 million
“North York’s Bridle Path neighbourhood is like a free-range preserve for Toronto’s millionaires and billionaires, where the likes of Drake and Conrad Black can roam at will in tremendous mansions on multi-acre lots.”
Missed the last round up?
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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