Wondering what happening right now in Toronto’s housing market? Here’s a brief breakdown – courtesy of our parent brokerage, Bosley Real Estate – of the major stories surrounding real estate in Toronto’s central core the second week of September 2017!
“It was with some sadness that we heard the news this week of the death of Wiarton Willy, the lovable groundhog that has predicted with less than perfect results whether we would be free of the grip of winter or due for a prolonged cold spell. And, as we thought fondly of Willy we were reminded of one of our favourite non-real estate movies starring Bill Murray – Groundhog Day. If Bill Murray was a Realtor® he would be living a version of Groundhog Day today. Waking up this morning and looking at the trend in sales he might think he was back in March. Listings and sales are up in condos and the freehold market and more importantly the percentage of properties selling above their list price reached 40% in both the condo and freehold markets. While 40% of sales above list may still be far from the Spring days of 80-90% of deals selling above their advertised price it is certainly an interesting trend that we will be watching carefully.
In the freehold market new listings jumped 30% to 306 from 237 the previous week. Several of those new listings are actually re-lists of properties that were previously listed in the Spring market but it is important to note that the market has not been flooded by listings that did not sell in the spring. In most neighbourhoods these re-lists represent only a small portion of all the new listings. Sales in the freehold market jumped significantly nearly tripling from the previous week with 110 freehold properties being sold compared to only 39 in the previous week. We recently heard the story of a property that had been previously listed, but not sold, in the spring that came back to the market with a slightly lower asking price only to be sold in multiple offers for more than the original spring price.
The condo market also saw an uptick in new listings with 337 new units coming to market last week compared to 318 the week before. While this increase is fairly small it does show a trend of balanced numbers of condo properties coming to market. Condo sales also increased last week going from 95 two weeks ago to 132 last week. This represents a healthy 40% increase in condo sales week over week and we will be watching carefully to see how the condo market trends through the remainder of the year.
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:
Sales of $4 million-plus Toronto homes poised to rebound
“It turns out that high-end real estate buyers — those willing to spend $4 million-plus on property — aren’t entirely immune to the foibles of the Toronto housing market.”
The top 5 Toronto intersections for condo resales
“When it comes to resale condos, some of the city’s key downtown intersections appear to be cornering the market with prices up to 23 per cent higher than the citywide average, according to a Tuesday report from TheRedPin.”
Canada Fighting ‘War On First-Time Homebuyers’: Industry Group
“The head of Ontario’s real estate association says governments across Canada have unintentionally launched a ‘war on first-time homebuyers,’ and is calling on policymakers to ‘hit the brakes’ on another round of proposed tightening of mortgage lending rules.”
Watchdog rips agent renewal education
“Imagine a course where you couldn’t fail – even if you never showed up to class – a course where, in fact, there actually was no classroom”
Anxious sellers in the GTA real-estate market are reviving the ‘reverse offer’
“Homeowners who steep in anxiety as their house sits on the real estate market can become intensely motivated to strike a deal. They sense interest from potential buyers: Why else would they return two or three times to gaze out the dining room window or stand in the driveway for lengthy conversations with their agent? And yet, the house hunters balk at making an offer.”
~ Steven and the Urbaneer Team
– earn your trust, then your business –
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