Did you know that investors own ONE IN THREE condos in Toronto?!
These stories – and more – in the week’s breakdown below, courtesy of our parent brokerage, Bosley Real Estate!
MARKET UPDATE FOR THE WEEK ENDING AUGUST 9TH, 2019
The dog days of August are upon us and if you like it hot and sunny then this is a great summer, unless you’ve lost out on multiple offers and are frustrated with the low inventory of properties for sale. The good news is sales in the GTA for the month of July jumped 24% from the same period last year. Toronto sales have been rebounding all summer from a slump earlier this year as buyers are overcoming tougher mortgage qualification rules and returning to the market. With new listings slow to come to market, prices rose in July as demand outpaced supply. The average selling price for a home in Toronto in July was $839,943. The average condominium price was $627,927 up 7.7% from a year ago.
Listings may be slim right now but it’s a good time for buyers to take advantage of the slow summer with less competition, as there are deals to be found. Some buyers are watching as rivals flow out of town for their summer vacations and can take advantage of their absence to snag a good deal. Properties listed in desirable locations will always attract plenty of buyers no matter what time of the year.
The freehold sector reversed an earlier trend of increased listings by recording a slight 18% drop in available homes last week while also recording a 16% drop in sales. However, competition for those homes was up, with almost 55% of home transactions selling at or above the asking price. The condo market also saw a sharp 33% decrease in new listings from the previous week, but the sales remained unchanged with over 47% of suites selling at or above the list 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 PAST WEEK:
Toronto has the lowest property tax rate among 35 major Ontario cities, a new study says
“Toronto has the lowest property tax rate of 35 major Ontario cities, a recent study has found.”
Toronto, Vancouver Home Sales Soar 24%, Dashing Buyers’ Hopes Of A Cooler Market
“Condo construction is near record highs in these cities, but that doesn’t seem to be a problem.”
Negative Interest Rates: Someday The Bank May Pay You For Your Mortgage
“Central banks are desperate to keep the economy juiced through low interest rates. The next step could be a doozy.”
Bank Of Mom And Dad Is Paying Canadian Millennials’ Rent: Survey
“Among parents with kids 19 and up, 35 per cent say they’ve covered the rent.”
Investors own one in three condos in Toronto
“One of the most vital relationships for Torontonians is the renter-landlord tango. As people know in this city, owning property is rare.”
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
– we’re here to earn your trust, then your business –
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*Love Canadian Housing? Check out Steve’s Student Mentorship site called Houseporn.ca which focuses on architecture, landscape, design, product and real estate in Canada!