We’re still riding high on the feeling of fresh beginnings that every new year brings. Even though the real estate market is still in semi-hibernation – as it is around this time ever year thanks to cold and unpredictable Canadian winters – we’re still keeping an eye on all of the breaking news stories relevant to Toronto housing! Here’s a breakdown courtesy of our parent brokerage, Bosley Real Estate!
Cold weather getting you down? Salt stains on your boots? Down in the dumps at your desk? January 15th – Blue Monday, is supposedly the most depressing day of the year. Yup, Christmas is really over and the realization of all the money we’ve spent and the fact most of us are back at work makes us blue. But you can feel the market is starting to come alive this week. New listings are slowly coming to market, but the feeling is Sellers and Buyers seem to be doing the “let’s wait and see” dance.
Looking at the sales figures for the freehold sector compared to last year, the number of sales and listings so far this month is nearly identical except for the west end where there were 10 percent more listings last year. What few listings in the freehold market we have seen come to market this month the multiple offer trend is happening once again.
The number of new resale condos in the downtown core is lower this month by 40 percent compared to the same time last year, but the demand is overwhelming for condos priced in the $350K to $400K range. News of a condo receiving 22 offers this week in Liberty Village could mean a shift in the market as buyers and sellers take advantage of the price difference between condo units and freehold. The average price for a condo in the core was $532,700 at the end of December.
Bosley has opened a new office in Cambridge which can service all areas from Hamilton, Kitchener/Waterloo, Wellington County, Georgetown and all the way to Guelph. The contact person there is Nick Mills and his information is listed below.
24 Queens Square, #201
Cambridge, ON, N1S 1H6
*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:
Rising mortgage rates unlikely to slow down hot Toronto housing market
“A booming Canadian economy has prompted the Bank of Canada to hike its lending rate a quarter of a point for the third time since last summer.”
Rise in condo maintenance fees slowed last year, says study
“It’s big and it’s real — condo buyers’ and residents’ fear of escalating monthly maintenance fees.”
Here’s How Much House You Can Afford Under Canada’s New Mortgage Rules
“It’s January 2018, prospective homebuyers, and you know what that means: The new mortgage stress test is in play.”
Toronto Rental Rates Now Exceed Vancouver’s, As Housing Shortage Persists
“In a sign that Canada’s largest city continues to grapple with a housing shortage, rents in Toronto have now climbed above those of Vancouver, the long-running (and now former) champion of pricey apartments in Canada.”
$750,000 Toronto Real Estate Listing Looks Like It Came Out Of A Horror Movie
“With how expensive housing in Toronto is, $750,000 for a house downtown sounds pretty decent, right? Well, when they say something’s too good to be true, it probably is.”
~ Steven and the Urbaneer Team
– earn your trust, then your business –
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