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.
Bosley Real Estate Infographic September 2015
In our latest Market Insight we suggested that the reason listings were down was a reaction to the upcoming Federal Election. While there is little reason to believe that, whatever the outcome, home prices would be adversely affected, we wanted to prove that the theory was sound. We have been keeping records on downtown Toronto real estate for just over three years but only through one other election, that being last year’s municipal election which took place on October 27th.
What’s up with Toronto’s real estate market? By all accounts, this is a different fall market than one we are used to. Listings are down by as much as 31.7% for freehold homes but are up by 6% in the condo sector compared to a year ago.
Two weeks ago we witnessed a tsunami of new listings in downtown Toronto but a relatively lackluster sales performance left us feeling kind of empty. We made the bold statement that perhaps the reason sales were so low was because most of the new listings were holding back offers until the following week.
Listings are up. Not just a little. Last week we saw new listings double to just over 400. The largest increase took place in the east core where sellers took to the market in droves. New listings were up a remarkable 500% while calmer heads prevailed in the west with a more realistic 53% increase in listings. With all the new activity one would expect increased sales activity however it appears that all the new listings just gave buyers more choice. There is also a subtle factor that is often overlooked. In a response to low listing levels over the summer, most new listings have offer dates for the following week. This means that, if we are right, next week there will be a substantial spike in the number of sales in the core. It will be interesting to see if we move the needle higher than the current 50% level for homes sold at or above the list price.
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.