The statistics released by the Toronto Real Estate Board are a bit conflicted, but generally indicate a slow beginning to 2018 for real estate. But the media doesn’t neccessariy agree – especially when it comes to the condo market! Here’s a breakdown of the week’s key headlines, courtesy of our parent brokerage, Bosley Real Estate!
The media likes to sell sob-stories to survive. The TREB market report was released this week and the news release in the media was all doom and gloom. Well not so in the City of Toronto. The average selling price at the end of January was $766,616, up 5.5 percent from a year ago which was $727, 928. The number of new listings came in at 2,776 for the end of January slightly lower than a year ago at 2,886. But when you factor in the surrounding GTA it skews the City of Toronto stats. The annual rate of growth in the City of Toronto was driven by the condominium market sector, which has had double-digit annual growth.
The freehold market is starting to build up some steam. We have seen a 20 percent increase in listings with the central core leading the way and the number of sold properties was up 15 percent and of those 30 percent sold over the asking price. Buyers are circling and they are willing to move quickly when they see a property that ticks all the right boxes. There seems to be an exuberance in the office this week and no doubt that the market is starting to take off.
The resale condo market is exhibiting some “freehold like” qualities. This week there were 30 percent more new listings to hit the market from the previous week but the number of sold condos was down 10 percent. Urbanation, a company that tracks the condo market released their annual report this week and the average price per square foot for a new condo is $1,031 and $823 for a resale condo. As many as 20,000 new units are expected to be delivered in 2018.
*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 Condo Prices Soar 35% In A Year: Urbanation
“Toronto’s single-family home market has been under pressure recently, with prices lower today than they were a year ago, but the same can’t be said for the city’s red-hot condo market..”
How To Maximize Your Profit In Toronto’s Cooling Housing Market
“It’s no secret that the housing market in the Greater Toronto Area has slowed down, and that prices have dipped from their peak last April. While a crash is still unlikely, the recent news is that interest rates are going up again, which will likely mean that prices won’t increase for the next several months.”
First-Time Buyers Giving Up On Toronto’s Housing Market, Poll Shows
“The reality of high house prices, rising interest rates and tougher new mortgage rules is sinking in for Canada’s largest housing market, where first-time buyers are showing all the signs of fatigue.”
Report shows decade of steep growth in GTA home prices
“Homeowners in the Toronto region, including the Hamilton and Burlington area, have more than doubled their investment over the past decade, says a report issued by Re/MAX on Wednesday.”
Toronto’s First Great 21st-Century Neighbourhood Is Unfolding: The West Don Lands
“Just when it seemed the art of city-building had been lost forever, along comes the West Don Lands. Tucked away south of King just before it veers into Queen, here is Toronto’s first great 21st-century neighbourhood.”
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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