When it comes to real estate in Toronto, the stories are emerging almost as quickly as the market is moving.
We can always count on our parent brokerage – Bosley Real Estate – for smart market analysis and the most relevant real estate news stories. And this week there are some surprising revelations – especially when it comes to the yearly outlook!
Be sure to also keep following our own popular blogs, new updates, forecasts, and market discussion! Here’s recent piece that looks at what some of the pundits are saying in regards to the Toronto real estate market, their justifications for their predictions, and where they think our market will go in the remainder of 2017: ‘What The Pundits Are Saying About Toronto Real Estate‘.
MARKET UPDATE FOR THE WEEK ENDING MARCH 17TH, 2017
Excuse us if we seem a little distracted this month but we normally reserve our March Madness for that basketball tournament going on south of the border. Cinderella stories are all the rage when talking college basketball, but here in the Toronto market she can make it to the big event but never seems to catch the prince. Seeing your team get knocked out of the tournament can be maddening but at least you know that if they work hard and persevere they will be back next year. With competition in purchasing as strong as it has been all year, the real estate market is producing more losers than winners. And unlike the basketball teams heading home and thinking of next year, we worry Buyers will begin to take their ball home and call it quits.
With last week being the public school March Break we were not surprised to see both listings and sales in the freehold market down from the previous week. With all the families away for a well-deserved break it is common to see the market take a brief pause. What didn’t take a pause was the bidding wars, with 75% of all homes selling above their list price. Perhaps the amazing part of those sales is that when you look at sales under $1.5 million that number goes up to 87% and if you look only at those houses listed between $400,000-700,000 the number of homes sold above list hits a staggering 96%.
The condo market continues to differentiate itself from its freehold cousin and as always is less concerned with long weekends and family holidays. While sales were off marginally from the previous week, new listings surged with nearly 22% more units coming to market over the previous week. Where the condo market is not differing from the freehold market is in units selling above the asking price, with 68% of sales occurring above the list price.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
Toronto’s rent is affordable compared to other global financial hubs, study finds
“I know for locals, housing in Toronto is expensive,” said Nadia Balint, a RentCafe spokesperson. “But compared to other major financial powerhouses …
Even Toronto’s 1% Are Being Priced Out Of Housing Market: BMO
Toronto’s runaway house prices could threaten the city’s economy if even the … of housing for people wanting to buy their third, fourth or tenth property!
Are short-term rental firms like Airbnb turning Toronto’s condos into hotels?
…. and former government relations chair for the Toronto Real Estate Board, is familiar with Marion …
Big demand, tight supply: Greater Toronto’s housing imbalance
A rapid uptick in prices driven in large part by robust demand combined with … a vicious circle for buyers in the Greater Toronto Area housing market.
Demand fuels Toronto house prices, not lack of supply, study finds
Recent house price increases in Toronto are being driven by demand from foreign and domestic buyers who are caught up in a bubble of growing price expectations, and are not due to a fundamental lack of housing in the city, according to a new study released Monday.
While we can never be completely certain where the market is headed, I – and my team – can make solid decisions about strategy based on history, existence of key influencers, and likely trends. At urbaneer, we understand the intrinsic value of being aware of what the experts say, and assessing their advice within the context of our own experience. Please know we are here to help!
~ Steven and the Urbaneer Team
Steven Fudge, Sales Representative
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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