Bosley Real Estate Ltd., Brokerage is a 100% family owned and operated Real Estate company that has been successfully assisting the buying and selling public since 1928.
We are sure you are familiar with the old saying: "those that don't learn from history are destined to repeat it", Of course, we are talking about buyers. Last year at this time, many buyers decided to sit out the market over most of December only to pay the price in the new year. Losing out on multiple offers takes its toll (it's called buyer fatigue) but our advice is to keep up the pressure until the new year... chances are you will be happy you did. Last year prices shot up by double digits and have kept that pace all year long. While there are fewer homes on the market, the ones that are available have negotiating room. Meanwhile, the condo market continues to thrive as frustrated home buyers consider the condo alternative.
Here we go. The Santa Claus Parade is the definitive Toronto tradition and if that didn`t signal the start of winter then this week`s little blast of cold air sure did. Despite the temperature drop there is no sign that the real estate market is slipping into hibernation just yet. We know there are many frustrated buyers out there but we would encourage them all to keep looking. If you are contemplating putting your buying intentions on hold you will pay the ultimate price when prices escalate in the Spring...just like they did last year.
The freehold sector did not see much change in the number of new listings last week; however sales dipped by about 38% from 173 the previous week to 125. This drop is consistent with declines in sales over previous years and is more a statement of the approaching winter market than uneasiness in the US federal election outcome and continued adapting of the new Canadian mortgage rules which are likely only playing a small role. Still, sentiment for home ownership remains strong as nearly 65% of home transactions in the 416 sold at or above the asking price.
As someone who has lived most of their life in Toronto, I am constantly aware of how far this city has come. But we did not achieve our success from chance or plain dumb luck. We got to where we are through hard work and determination. It's a reminder to me that nothing comes easy. For a lot of people, buying a first home is the reward of hard work. It is the ultimate statement of success. It screams..."Look at what I achieved!" At the same time, it is also a transaction fraught with anxiety and confusion. I know this because our company has literally negotiated thousands of transactions over the last 80+ years and I have heard the stories. The truth is that you can lower the anxiety and erase confusion if you have an experienced Realtor working on your behalf. I know that above all, or agents represent the best in the business. Let us demonstrate our knowledge during your next transaction.
Inquiring minds want to know if the new mortgage rules are having an impact on housing activity in Toronto. Frankly we are as curious as the next guy but as it stands now we have not seen much change. Overall activity in the 416 continues to be strong as demonstrated by rising prices across every category of shelter. For the first time, affordability in the rental sector is raising concerns as the average price of a one bedroom condo increased by over 7% in the 3rd quarter of 2016.
Our agents’ reputation of integrity, knowledge and professionalism is unparalleled in the city. Our principal value is quality over quantity. We don't wish to be giants but rather to be trusted advisors to buyers and sellers.