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.
Houston, we have a problem. Despite an almost 12% increase in sales activity this January, compared to January 2016, supply problems continue to make the headlines. In fact, the GTA resale market has not experienced such low inventory levels since 2002. Current active listings are nearly half of what they were last year at this time. The Toronto Real Estate Board reports that a supply problem is likely to continue to play out for 2017. “The result will be strong price growth for all home types again this year” says Jason Mercer, TREB’s Director of Market Analysis. It remains to be seen how many sales will take place in 2017 however a swing of even 5% could translate to either another record year or the second best year on record for the GTA. TREB also reported that less than 5% of properties sold in 2016 went to foreign buyers and was not a contributing factor to the steady price increases across the GTA.
Before we begin, we just want to say that this insight is going to be HUGE! It’s probably the best one so far. Quite frankly it will blow all the other ones out of the water. It is literally amazing. Actually, it’s not just amazing...it’s INCREDIBLE. We know that you will think it is the most brilliant report on Toronto’s real estate market EVER. Actually, it is so astonishing that we thought about keeping it a secret just in case it fell into the wrong hands. Security is very important to us so please make sure that before you pass it around to your friends, they have been properly vetted.
Just for the record, we don't use any alternative facts in our market updates. In fact, we swore an oath to accurately reflect the size of the market so that our clients could make informed decisions. No need to proclaim any national holidays in our honour, just know that when you hear it from us it's the real deal....nothing fake about what we report. We will continue to march on.
Normally we aren't the superstitious types but if listings don't improve quickly we may be forced to throw salt over our shoulders, walk backwards under ladders or burn sage in our offices to break the spell. Generally speaking January is a slow month for new listings but demand is high and the weather has been kind so we were expecting a faster release of new properties on the market. Sellers and buyers alike might just be feeling the pinch of new mortgage rules and increased land transfer taxes.
It should come as no surprise that new listings, sales and active listings dropped off substantially in December. It is part of the usual winter market blip that we experience each year around this time. Included in the slowdown in activity are increases in the number of days on the market and the average selling price versus the list price. But December is an oddity of the Toronto market which has experienced tremendous success in 2016. Against all odds, such as a tightening of lending requirements, the Toronto Real Estate Board recorded 12,000 more sales than 2015, a nearly 12% increase in total homes sold. Remarkably this was achieved at the same time as recording a increase of over $100k on the average price of a home. According to TREB, the condo market was a major factor in sales volume growth and our own numbers bear witness to the demand in this sector.
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.