According to Realtor.com, millennials will continue to make up the largest segment of homebuyers in 2019. This leads us to another important point: What do these “digital native” generations desire and demand in almost every aspect of their lives?
This story – and more – in the week’s breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
MARKET UPDATE FOR THE WEEK ENDING MARCH 29TH, 2019
Now that March is almost over and we seem to be easing into some warmer weather, it appears that Toronto’s real estate market has a bit more “spring” in its step. The Globe reported this week that Toronto has 104 construction cranes, the most tower cranes of any North American city. The next closest city was Seattle with 59 cranes. A tally of cranes in major cities provides a snapshot of economic sentiment. Based on this consulting firm’s findings, no North American city is healthier than Toronto. Just simply look up!
The freehold sector has witnessed its biggest increase of the year with listings up a whopping 117% throughout all neighbourhoods in Toronto. We aren’t surprised that would happen now that we are all back from spring break. Again, it’s the price range between $700,000 and $1,500,000 that dominates, although last week there were over 80 properties listed above $1.5M. There is still a bit of catching up to do on the sales side, however. Sold properties were down 14% week-over-week, but that should change next week now that we have more listings.
Again, a similar market exists in the resale condominium sector. Listings were up last week by 18% and the biggest jump happened in the central core’s first-time buyer’s price range of condos listed between $400K and $700K. Sales have been trending upwards as well, and we are still reporting close to 52% of condo transactions selling at or above the list price which points to continued strength in the high-rise market.
*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:
Liberals’ Plan To Help Homebuyers Will Mean ‘Turbulence’ In Market, And Won’t Help Pricey Cities: Analysts
“The federal Liberals’ plan to help homebuyers could slow down home sales in the coming months, while doing little to improve affordability, analysts say.”
Canadian mortgage rates are falling as bond yields slide lower
“What’s bad news for some is good news for others, and Canadian mortgage-holders are the unexpected beneficiaries of some of the gloom that’s hovering over Canada’s economy.”
Toronto Real Estate Board Urging Caution as Toronto City Council Debates if Another Municipal Land Transfer Tax Hike Should be Considered
“With Toronto City Council set to debate a motion to move forward with a proposal for yet another increase to the Municipal Land Transfer Tax (MLTT), at their meeting today, the Toronto Real Estate Board (TREB) is cautioning that the strategy is risky and could have unintended consequences on already challenged home buyers. TREB has articulated its concerns in a detailed letter sent to Mayor Tory and all City Councillors in advance of their meeting today.”
B.C. is blind to private lending in real estate, leaving itself vulnerable to money laundering, says financial intelligence expert
“An author of a new report on the risk of money laundering in Toronto’s real-estate market says British Columbia should take a closer look at the role of private lending here.”
The Generational And Technological Demands Driving Disruption In The Business Of Real Estate
“Real estate is a game of predictions. What will the market do? Who will the buyers be? Who will comprise the rental market? What types of features are people looking for in their homes, whether they buy or rent? In the coming year, two of the answers to questions like these will be closely linked.”
In case you missed them, here’s last month’s round ups:
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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