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.
Excuse us if we seem a little distracted this month but we normally reserve our March Madness for that basketball tournament going on south of the border. Cinderella stories are all the rage when talking college basketball, but here in the Toronto market she can make it to the big event but never seems to catch the prince. Seeing your team get knocked out of the tournament can be maddening but at least you know that if they work hard and persevere they will be back next year. With competition in purchasing as strong as it has been all year, the real estate market is producing more losers than winners. And unlike the basketball teams heading home and thinking of next year, we worry Buyers will begin to take their ball home and call it quits.
EVERY MONTH WE SCIENTIFICALLY MONITOR STORIES IN THE MEDIA ON BOTH FREEHOLD AND CONDO MARKETS IN TORONTO. THEN THROUGH A PATENT PENDING PROCESS WE ARE ABLE TO CREATE A VISUAL REPRESENTATION OF WHAT THE MEDIA THINKS THE MARKET IS DOING. IS IT FACING A SLOW DEATH OR IS IT PARTY TIME?
While we always enjoy spending time with our families, after all we are a family company, we never like what happens before the Family Day long weekend. Or really any long weekend in fact. The thing is, Realtors never like to list right before a long weekend which inevitably means listings drop the week before the long weekend and that creates what we like to call the real estate inversion. Before the long weekend there are a lot of sales and hardly any new listings and right after the long weekend there are a lot of new listings but not as many sales.
We think it is safe to say that the Toronto real estate market is moving into uncharted waters these days. The go to response to the steady increase of prices has been the lack of listings, high demand and low borrowing costs. What has transpired are stories of multiple offers, wild bidding wars and many broken dreams. So, what should we expect as we move forward? Well, if there is any consolation, we are moving into the spring market and the usual increase in listings.
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.
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.