Here’s a real estate assessment – courtesy of our parent brokerage, Bosley Real Estate – that accompanied the central core of Toronto the THIRD week of JULY 2017!
“Are we all tired of reading and listening to what the media has to say about the housing market in Toronto? There wasn’t a week that went by that some so called expert didn’t write their views about the market. For sure market conditions have changed and we are all adjusting, so why don’t they give it a rest. The last major housing correction followed a global economic crisis in 2008. The conditions aren’t there this time for a major market meltdown. The Toronto market still needs time to absorb how the buyers and sellers are going to react to the policy changes.
The Toronto Real Estate Board’s midmonth numbers for July show sales down 39.3% year over year in the first half of July. With sales down and new listings slightly up {6.5%) the market was better supplied compared to last year. This gave us a more moderate 7.4% annual growth rate for the average selling price, which is $776,036 for the City of Toronto.
Despite the recent dip in GTA home sales the condo market is continuing to gain popularity with home buyers. First time buyers who want to live in the city have turned their attention in increasing numbers to less expensive forms of housing. The average selling price for condominium apartments increased 28.1% compared to 2016. The average price for a condo in the City of Toronto is $566,513, compared to $442,834 in 2016.
House prices go up, house prices go down. Whatever happens the rest of the year, Toronto housing is probably a safe bet. Toronto is a very attractive destination!”
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
Toronto Condo Prices Soar 28%, Pass Half-Million Mark
“Forget single-family homes: Even condos are moving out of affordability range for Toronto’s middle class. Despite the slowdown in the broader market, new data from the region’s real estate board shows condo prices in the Greater Toronto Area have now passed the half-million-dollar mark, after soaring 28 per cent in the second quarter of this year.”
Toronto housing market’s downturn may have an upside
“Toronto Real Estate Board says sales were down 39.3 per cent year over year in the first 14 days of July. But the conditions aren’t there for a major market correction in GTA real estate, according to some.”
Toronto’s new housing market reality: ‘non-buyer’s remorse’
“House hunters in the Toronto area lamented for years that sellers had a tight grip on the market. Now that tension has eased and buyers often wield the power.”
Toronto hotel dumps Trump’s name
“JCF Capital ULC, the new owners of Trump International Hotel and Tower, reached a buyout deal with Trump Hotels last month. As part of the deal, the hotel will be renamed the St. Regis Toronto after significant renovations are completed, operating as the Adelaide Hotel Toronto in the meantime.”
Where is the Canadian housing market heading in 2017? A roundup of what the experts say
“Canada’s housing market is at a fork in the road. Anyone looking to buy or sell a home right now is getting hit with a confusing array of messaging. Depending on who you listen to, prices are either going to continue to have healthy gains over the next few years, or are at risk of implosion.”
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~ Steven and the Urbaneer Team
Bosley Real Estate Ltd., Brokerage • (416) 322-8000
http://www.urbaneer.com • info@urbaneer.com
– earn your trust, then your business –
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