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.
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.
Well if you felt that the real estate market in Toronto was cooling off a bit, you may be right. All signs point to a traditional summertime cooling that we have experienced for the past 20 years, although this one feels a little different. Despite the fact that new listings were down by 7.4% and the number of active listings was down a staggering 31.9% the Toronto Real Estate Board actually reported the best July on record with nearly 10,000 homes traded. What this essentially means is that buyers are continuing to dig into existing homes for sale and driving down the available inventory to below 1.7 months. In simple terms, if no new properties came to market from this point forward, there would be nothing available to buy in roughly 50 days!
Don't panic. For further clarification we are not talking about Toronto's hot real estate market, we are talking about summer holidays. Despite all the back to school ads that are starting to appear, there is still plenty of summer left. As for real estate, well, sales remain strong despite a continued decrease in listings and as we enter the home stretch of hot weather, we expect listings will get tighter until Labour Day.
For the first time in a very long while, it seems like real estate talk around the city has died down. Maybe that’s a good thing for buyers longing for a little distraction from the frenzy. And if distraction is what you are looking for, well there’s the US election, Blue Jays baseball and hunting for the elusive Pokemon that are popping up everywhere. Just to be clear though, Toronto real estate is as hot as the weather with no end in sight.
Toronto's real estate market is often viewed as a riddle wrapped in a conundrum. Consider that the Toronto Real Estate Board recorded a 7.5% increase in the number of sales across the city yet the number of new listings are down 3.8% and total active listings have dropped by a whopping 31.4%. What does this mean? Buyers are still out there but they are eating into existing inventories. Today the city of Toronto has a mere 1.7 months of inventory across all housing types and if you focus in on districts where condominiums don't account for a significant portion of available inventory, that number drops to less than 1 month. Clearly demand is at a record levels while supply is as tight as ever.
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.