According to the Canadian Real Estate Association statistics, May 2017 was a slower month for real estate. While new listings were slightly bolstered, sales were down almost 7% from April 2017. Could we see a change in direction during June? Here are the notable real estate stories – courtesy of our parent brokerage, Bosley Real Estate – that accompanied the first week of June 2017!
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MARKET UPDATE FOR THE FIRST WEEK OF JUNE, 2017:
If the real estate market were like a game of golf we would probably be on the back nine right now wondering if we were going to pull our game together or bogey our way to the clubhouse. If you are a Seller you are definitely wondering how your game fell apart so quickly after hitting the fairway with every drive and sinking every putt through the beginning of the season. The confusing part might be why the Buyers haven’t picked up their game as we finish out the season. The market has definitely started to slow down early for the summer and the jury is still out on whether the Sellers who sold in March hit the hole in one or if the Buyers grabbing properties during this quieter time will be the ultimate winner.
In the Freehold market new listings have eased off nearly 13% from last week down from 401 to 350 this week. Almost the entire decline in listings occurred in the central core where new listings declined from 196 to 148 which interestingly is on par with the new listings from the same week last year which were 147. Last year was not a year with an abundance of listings so it is interesting to note that we have not seen a flood of properties to the market. Sales also continued to decline down to 148 from 167 the previous week. The number of properties that sold over their advertised continued to decrease with 52% selling above the listed price.
The condo market saw an increase in new listings over last week with 367 new listings coming to market compared to the 332 that were listed the previous week. Like the freehold market, sales of condos are not keeping up with the pace of new listings allowing for more choice for buyers. Condo sales declined nearly 33% from the previous week down to 143 from 213. Condo bidding wars are also starting to become a thing of the past with only 44% of all sales going above their listed price.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan 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 WEEK:
Millennials put housing issues high on political agenda
“The Ontario government’s new foreign buyer tax may be popular with the public but housing remains a key political issue among more than a third of voters, especially first-time buyers and millennials..”
Toronto home sales decline continues into June
“Toronto-area lawns are still sprouting “For Sale” signs even as the number of home purchases continued to decline into June, says online brokerage Realosophy.”
Toronto proposes banning people from renting out homes for short stays that are not their primary residences
“Toronto’s mayor says proposed new rules for the city’s short-term rental market, including properties listed on Airbnb, would help strike a balance between the need for such accommodations and the disruptions they can cause to local neighbourhoods.”
City of Toronto proposes crackdown on Airbnb-style rentals
“The City of Toronto has introduced proposed changes to Airbnb-style rentals it says will help strike a balance between the need for short-term accommodations and the challenges they can cause in the city..”
Ontario Condo Act a roadblock for electric vehicle owners
“Hoping to hit its ambitious goals for electric vehicle ownership, Ontario is looking to overhaul parts of the Condominium Act that have become an unexpected barrier to owning one.”
We are making solid decisions about strategy every day, 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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