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.
Having the benefit of looking at the listing and sales figures exactly one year ago we do see some amazing similarities in the freehold market for the 416. Compared to last year, the number of sales and listings is nearly identical. Where they do diverge is in the number of sales at or over asking. 2017 is starting out much stronger with 46% of homes selling above the list price compared to 27% a year ago.
The resale condo market continues to flex its muscles in 2017. Listings are nearly half of what they were a year ago while sales are virtually the same. In addition, at the beginning of 2016 there was not a frenzy of condo buying. With lots of listings, people were taking their time to find the perfect condo. As a result less than 5% of condos sold at or above the list price. As 2016 unrolled we saw demand increase almost every month. 2017 is starting off stronger than ever with 45% of every condos sold trading at or above the list price.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
The Toronto Real Estate Board (TREB) says the public is on-side in its opposition to increasing the city’s “punishing” land transfer tax — one of the options Toronto is considering to raise more money for services and infrastructure.
New figures show that the real estate market in Toronto and its surrounding areas continues to climb rapidly, making it the hottest in North America. Toronto has enjoyed a housing boom for several years, with no end in sight. Now, communities outside the city are starting to feel the effects as Toronto buyers look farther afield for affordable housing.
Canada’s two largest housing markets are going in different directions, with the Greater Toronto Area poised for another rally in 2017 while the Vancouver region girds for a decline.
We’re starting to get a picture of what mortgage rate increases do to household budgets. If you’re buying an average-priced home in Vancouver, the increase in five-year fixed-rate mortgage costs over the past two months could add up to something like an extra $1,824 a year; in Toronto, you’re looking at $1,584. In a small market like Saint John, the extra cost would be close to $350.
The extreme regional disparities that characterized Canada’s real estate markets last year will narrow in 2017 as overheated areas cool and slower markets gather steam, Royal LePage says in a report released Thursday.