If you’re engaged in any way in the Toronto real estate market, you know it’s not always easy to stay on top of all the latest news. So, here’s a breakdown of the week’s key headlines, courtesy of our parent brokerage, Bosley Real Estate!
Should you list low and generate multiple offers, or should you list the property at what you think its worth? That seems to be a popular question in the office this week. There are many factors to take into consideration. The location, the condition of the property, and the price point. When you look at new listings coming out at least eight out of 10 properties have an offer date. What we are not seeing as much these days are bully offers. Buyers seem to be a bit cautious and would rather wait. After much discussion it comes down to the agent and the Seller making the decision.
There was a big sigh of relief as more listings came to market across the 416. The downtown core saw freehold listings jump by 60 percent compared to the week before and the $1.5M to $3M price range saw the biggest increase with 43 new listings. The east end continues to be a hot area with listings up 40 percent. Overall sold properties were slightly down by 10 percent from the prior week. The market for homes in central Toronto, especially for properties up to $1 million is still quite competitive. Of the homes sold, 55 percent sold over the asking price.
Condominiums have followed suit with a rise in listings by 17 percent from the previous week. Even though listings were up the number of sold condos was down by 10 percent across the city. Of those recorded sales, 44 percent sold at or over the list price. It seems buyers may have a different mindset this year, because sales are slower but values still remain lofty.
*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’s Housing Shortage: Is It The Result Of Policy?
“Toronto, Canada’s largest city and one of the world’s hottest property markets, has a supply problem and the nation’s housing agency admits it is not quite sure why soaring prices have not spurred more construction.”
Canadian Banks Are About To Make Things Much Harder For Foreign Buyers
“Better Dwelling: One of China’s largest overseas buyers just had its operations seized by the government. The China Insurance Regulatory Commission (CIRC), a state-run regulator, has officially begun prosecution of Wu Xiaohui, the former CEO of Anbang. The process has led the government to seize control of the assets “temporarily,” placing billions of dollars of Canadian real estate in the hands of the Chinese government. Oh yeah, and the Chinese government may be deciding which assets need to be liquidated.”
Canadian Housing Affordability Is Now Improving, After Years Of Deterioration
“Good news, stressed-out, would-be homebuyers: You may not have to give up on your dream of owning a home in one of Canada’s pricey cities just yet.”
Toronto man will only sell his condo for Bitcoin and here’s why
“When most people hear the word Bitcoin, they think zero regulation and unpredictability, basically the Wild West of currency. But not businessman Derryn Shrosbree.”
Taking a stand against Vancouver’s real estate disaster
“Terry Glavin on a B.C. budget that suggests the NDP is finally giving the province’s distorted real estate racket some long overdue attention.”
*Missed any of this month’s previous round ups?
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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