The real estate stories in Toronto continue to dominate the media! We can always count on our parent brokerage – Bosley Real Estate – for smart market analysis and the most relevant real estate news stories. And this week there are some surprising revelations!
MARKET UPDATE FOR THE WEEK ENDING APRIL 28TH, 2017:
As Spring comes upon us and the trees and flowers begin to bloom, we Realtors often have to remember to stop and smell the roses lest we wake up one day to find ourselves in the dog days of summer. Unfortunately, given the frenetic pace of a usual spring market many Realtors miss the awaking of spring entirely, instead focusing on helping their clients to buy or sell the home of their dreams. Even after the announcements from the provincial government of changes to the industry, the market seemed to continue down its usual path through a freshly blooming garden. So, weren’t we all a bit surprised when this week the entire city took a deep breath and decided to stop and smell the roses. There is much talk of buyers waiting to see how things shake out and nervous sellers wondering if they have missed the top of the market. With continued low interest rates, steady immigrationto the city and provincial legislation aimed at promoting upward instead of outward growth we are confident that the market will continue its positive trajectory throughout the spring.
The Freehold market saw a steady supply of new listings last week. Though down slightly from the previous week this is likely a result of the rush of listings after the Easter and Passover breaks. Sales also rebounded nicely in response to the increased inventory of new listings with 232 freehold properties changing hands. There was also a slight increase in listings selling over the advertised price with a more typical 78% of all sales going above the asking price.
The condo market also saw a consistent number of new listings when compared to the previous week settling in at an even 400 new listings last week. Sale numbers were up slightly from 193 to 201 last week and the number of sales above the advertised price were back at a more typical 75% of condo sales.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
Torrid Toronto housing market finally takes a breather
“Toronto’s hot housing market showed early signs of cooling in April as prices for low-rise homes fell slightly compared with March after a surge of new listings came onto the market…”
Census 2016: High rise apartments booming in Vancouver, Toronto
“Although most Canadians live in detached houses, that’s not the case in Canada’s biggest cities.”
In the spitting match between Toronto and Ontario, nobody wins
“When an election is coming up, voters expect to see more posturing, quarrelling, theatrics and general nonsense from those who wish to lead them. But seldom do things get quite so silly as the current spitting match between the mayor of Toronto and the government of Ontario…”
Mortgage lender woes may cool Canada housing market, finally
“Barrie has one of the hottest real-estate markets in Canada. According to a Re/Max Spring Market Trends report, Barrie’s average house price rose by 39% in 2017 over last year’s prices.”
As spring market swells, anxious home buyers are holding back, Toronto realtors say
“Lull,” “calm,” and “slow” are three words you probably wouldn’t expect to hear as a description of the Toronto housing market.”
While we can never be completely certain where the market is headed, I – and my team – can make solid decisions about strategy 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 • firstname.lastname@example.org
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