Fun Fact: 41% of properties sold in the GTA last week received the asking price or above!
Below is some commentary on the current state of the market from our parent company, Bosley Real Estate, as well as some choice headlines from the third week of August!
So, the battle is over and the Toronto Real Estate Board’s request to appeal a dispute with the Competition Bureau has been declined by the Supreme Court of Canada. TREB has maintained that releasing the previous sold prices violates client privacy and its own copyright over the information. TREB will have 60 days to conform. TREB believes personal information of home buyers and sellers must continue to be safely used and disclosed in a manner that respects privacy interests and will be studying the required next steps. “By removing TREB’s anticompetitive restrictions, home buyers and sellers in the GTA will now have greater access to information and innovative real estate services when making one of the most significant financial decisions of their lives.” Commissioner Matthew Boswell
The Toronto real estate market is a little sleepy these days. With only two weekends left before its back to school, buyers are taking a time-out to enjoy what’s left of summer. Agents say many homeowners are gearing up to list in September. Lots of potential sellers were discouraged from listing in the spring as buyers struggled with tighter mortgage rules and rising interest rates.
Last week in the freehold sector the number of new listings saw no change from the previous week, but there was a 33% increase in sold properties, and of those 41% sold at or above the asking price.
The resale condo market sector is following the same trends. New listings were the same as the previous week, but sales have climbed by nearly 45% and the number of condos sold at or above asking was still at still at a healthy 41%.
*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:
‘Decisive victory for competition’: Supreme Court won’t hear TREB appeal in real estate data case
“A battle over real estate data that has dragged on for years has come to a close, as a Supreme Court of Canada judgement this morning opened the door for realtors to expand the way they share home sales data on the Internet.”
Ban Foreign Homebuyers From Canada? Be Careful What You Wish For
“Small though it may be, New Zealand is something of a trailblazer. It’s credited with being the first sovereign country in the world to give all women the vote (back in 1893) and the first country to move to an eight-hour work day.”
Home Sales In Canada Rise Modestly As CREA Warns Of Continuing Hard Times For Buyers
“OTTAWA — The Canadian Real Estate Association says home sales in July were up 1.9 per cent compared with June.”
U.K.’s Purplebricks comes to Canada in a bid for real estate disruption: Don Pittis
“An international online property powerhouse has purchased one of the world’s top web-based, commission-free real estate companies in a bid to shake up the Canadian home-selling industry.”
Would you pay $1 billion for this view?
“LOS ANGELES—A property about to go on the market here consists of 157 acres of hilltop land in the coveted Beverly Hills 90210 ZIP code, a 10-minute drive from Rodeo Drive.”
Did you miss our first two August round ups?
Bosley Real Estate Market Insight For The First Week Of August
Bosley Real Estate Market Insight For The Second Week Of August
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 –
Celebrating Twenty-Five Years As A Top-Producing Toronto Realtor
*Like what you’ve read? Did you know we were recently listed as one of The Top 25 Toronto Real Estate Agents To Follow On Twitter! and The Top 50 Blogs On Toronto? Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture and design including our love for unique urban homes and other Toronto real estate!
*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!