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.
Ah September. Our favourite month. It’s not just the hot days and cool nights, or the pennant race or even the fact that pro football is back. For us, September means more listing and sales activity and after a traditionally slower August, its time to open the floodgates of new property inventory. It’s not a minute too soon either. August inventory levels where challenging at best.
Parents Unite. We made it through the first week of school. Granted it was a short week but still... And while our minds shift from lazy days at the cottage sipping frosty beverages by the dock to the daily grind of school drop offs, after school programs and homework, one thing is for sure...the real estate market never sleeps. Sure it ebbs and flows but it is alive and well in the 416.
We are starting to sound like a broken record as much of what we are reporting in the GTA real estate market last month is a close copy to this month. Again, sales are down, new listings are down, active listings are down and months of inventory is down. About the only thing up in the 416 are prices for both condominium apartments (up 5.5% in August) and detached homes (up 4%), with a year over year average increase of 17.7%, one of the biggest price jumps in 2016. Two notes of interest; August is traditionally a slower month for transactions so it should not be a surprise that the average number of days on market increased slightly, what is surprising however is the 13% increase in sales.
Webster’s Dictionary has two definitions for the word “drought”. The first is a long period of time during which there is very little or no rain and the second is a prolonged or chronic shortage or lack of something expected or desired. Toronto, it seems suffers both. Not only has it been the driest summer in recent memory, we are also suffering through the longest listing drought on record. Maybe there is some good news on the horizon; It is bound to rain eventually and the fall market is closing in. The question is... will it be enough to quench our housing desires?
No question about it, if you like it dry, hot and sunny then this has been the best summer ever. If you’ve lost out on multiple offers and are frustrated with the low inventory of homes then this has been the worst summer. While the weather is likely to cool, we don’t expect inventory levels to pick up significantly in the near future.
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.