Single? Prefer living alone? Your’e riding a growing trend amongst Canadians! 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 15TH, 2019
We’re all hoping that everyone returning home from their March break vacations will all be energized and ready to buy or sell. Families with school-aged kids begin to plan their buying and selling strategies around now because they typically want their moves to coincide with the end of the school year. We all hope to see a surge in new listings in the coming weeks and typically sales and prices tend to peak each year from now until May. Sellers have to be realistic about the type of property they are selling and the price they are hoping to fetch. Bidding wars in certain neighbourhoods are still the norm. A property this week out of our office in the west end received 10 offers and sold for $370,000 over asking!!
While we have been tracking upward in the number of listings since the beginning of the year, the extreme cold miserable weather has slowed that trend down, and freehold listings across the 416 were down last week 17% from the previous week. Now that we are enjoying longer daylight hours and the weather is improving, we saw a spike in sold properties last week up 8% and of those sold 56% sold at or over the asking price.
The condo sector is still going strong. It seems downtown condos offer a lifestyle that buyers want. They want to be within walking distance to work or a short transit ride, and they’re still willing to pay top dollar. New listings were up by a marginal 6% last week, but sales were down 8%. Condo sales continue to sell above their list price with 53% of all sales happening above the advertised 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:
Businesses Are Responding To Growing Trend Of Canadians Living Alone
“One of the fastest-growing demographics in Canada and around the world has long been ignored by mainstream businesses and politicians, but that may be about to change.”
Non-residents scoop up pricey properties in B.C. and Ontario but prefer picturesque views in Nova Scotia, data shows
“Across the country, overheated housing markets have brought more scrutiny on foreign ownership as people seek answers for the gap between home prices and local incomes.”
Canadian Real Estate Developer Debt Hits An All-Time High
“Canadian real estate developers are pushing their debt capacity to new highs. Bank of Canada (BoC) numbers show developers racked up a new record high at for credit at chartered banks in Q4 2018. Debt levels for developers are almost three-quarters higher than previous peaks.”
B.C. real estate board blames stress test for dampening home sales in February
“Prospective homebuyers continue to be sidelined by the mortgage stress test, leading to dampening home sales across B.C. February, says the provincial real estate board.”
Canadians’ Net Worth Slides Amid Falling Stocks, Historic Drop In Real Estate
“Canadian households got a little poorer in the fourth quarter of 2018, thanks to falling stock prices and the first annual drop in the value of real estate in records going back to 1990, Statistics Canada said Thursday.”
In case you missed one, 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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