The real estate stories in Toronto continue to dominate the media! 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.
Be sure to also keep following our own popular blogs, new updates, forecasts, and market discussion! We always have a unique perspective to share, derived from our varied experiences as realtors. For example, team member Monika MacMillan likes to share how real estate and pet ownership intersect for her in the Animal House blog series: A Pawsitive Spin On Toronto Real Estate.
MARKET UPDATE FOR THE WEEK ENDING MARCH 31ST, 2017:
The old adage says that if March comes in like a lion it leaves like a lamb. If we consider the real estate market in the same vein, since March started with a roar we should have had a nice quiet end to the month. Alas, the real estate market respects no old wives tales as it wends its way through the spring. The last week of March capped off a month that saw prices jump an average 33% over March 2016. Through the year, the talk has been the lack of listings, and we are happy to say that March seems to have bucked this trend. The number of new listings in March 2017 is virtually identical for both the freehold and condo market as the number of new listings in March of 2016. Of course we complained about not enough listings last year too so we expect to see high demand pushing prices in an upward direction for the foreseeable future.
The number of new listings in the freehold sector continued to increase over the previous week, jumping a significant 25% to 307. Sales also saw a significant increase, up nearly 50% over the previous week. The truly astounding number is that 90% of all freehold sales last week sold over their list price, including 100% of all properties listed under $700,000. As we enter April and May, the busiest months for real estate transactions, we expect more of the same.
The resale condo market seems to have settled into a nice groove. New listings were virtually unchanged from the previous week at 321. What is interesting to note is that 75% of all new resale listings are in the downtown core, south of Bloor and between Dufferin and Yonge. Sales did ease off last week to 172 but the competition was as fierce as it has ever been with 80% of condos selling above their list price.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
“The supply of new rental properties coming onto the market in Toronto has been growing as developers are responding to growing demand by …”
“If an empty-nester living in a detached home in the city of Toronto were to … As children of boomers struggle with ever-increasing real estate prices, …”
“Oakville’s Mayor Rob Burton says developing the greenbelt isn’t the solution to Toronto’s fiery housing market. The greenbelt is the swath of protected …”
“Toronto Mayor John Tory says he is open to following Vancouver’s lead by imposing a tax on vacant homes to crack down on speculators, as pressure mounts on governments of all levels to rein in the runaway real estate market.”
“Premier Kathleen Wynne warns the Greenbelt will not be loosened to alleviate the Greater Toronto and Hamilton Area’s housing challenges.”
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
Bosley Real Estate Ltd., Brokerage • (416) 322-8000
http://www.urbaneer.com • email@example.com
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