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.
In real estate terms we call this time of the year the final push. It's that time for sellers to get into the market just before summer hits and thoughts turn to sipping beverages by the lake or taking the family on a summer adventure. Whatever your plans are, if you are a buyer, this is the time to consider getting into the market as new listings will tend to taper off over the next few months.
Low interest rates, immigration, shortage of housing. These are the “go to” topics used to describe Toronto’s housing dilemma. Frankly we are starting to sound like a broken record these days. The truth is that while these are sources of a frustrating market, they don’t tell the full story of Toronto’s great housing success. Simple demographic shifts in population mean that over the next 20 years more and more people will be moving to cities and Toronto is one of the top destinations on the global stage. For the foreseeable future this could be the new normal.
Judging by the numbers, May turned out to be a bit of a stingy month. Compared to the activity of April, the month of May saw a smaller percentage increase in new listings and sales. Despite the lack of listings however, the Toronto Real Estate Board reported a new record for sales for May, a 10.6% increase year over year. So with listings backing off the question to ask is...where is the inventory coming from? The answer is simple... existing listings. Those are the properties that have been on the market longer than 30 days. According to TREB, the number of active listings has dropped by over 30% compared to May 2015 highlighting the unbalanced nature of Toronto’s housing supply dilemma
Ok, now that the Raptors are out of the playoffs it’s time to get back to the business at hand...real estate. It’s been a hectic Spring so far. Lack of supply, particularly in the freehold sector continues to be the significant factor in the increase in multiple offers and it’s no wonder that some buyers are feeling frustrated with the process. Sitting on the sidelines is not an option in this market as the challenges to home ownership are not likely to diminish over the coming year.
It might be Friday the thirteenth, but this week the luck is all good, especially if you are a seller with a hot property to move. With the spring market in fully gear we are seeing a significant ramp up of new listings and, of course, the corresponding increase in sales. Inventory levels are still critically low which means that even those homes that would otherwise be considered “locationally challenged” are selling quickly.
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.