MARKET UPDATE FOR THE WEEK ENDING MAY 22ND, 2015 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

MARKET UPDATE FOR THE WEEK ENDING MAY 22ND, 2015

  • Bosley Real Estate
  • 27 May 2015

Home buyers are apparently agreeing with Finance Minister Joe Oliver ’s assessment of the Canadian real estate market.... there is no bubble. Home prices across the country are rising and so is the number of multifamily units under construction. Clearly the Spring market is here and with the first long weekend of the summer behind us, sales and listing activity is on the rise.

New freehold listings are up by 15.8% over two weeks ago. When you factor in some lower numbers due to the long weekend, it appears that listings have been increasing relatively steadily for the past two months. But increased listings also means better choice for buyers, more time to decide and fewer multiple offers. In fact, sales this week are off by about 50% from two weeks ago. Our research shows another interesting fact…. multiple offers are slowing down from a high of 75% of every home sale to a more reasonable 54% this week. This seems reasonable considering the same number of buyers are looking at more listings.

If we could call a champion in the real estate battle, we would have to give it to the condo sector. Despite a recent Fitch Ratings Inc warning on condominiums, listings have been relatively stable for the last few weeks (averaging about 770 new listings per week) and sales have consistently kept pace.

Again, the true temperature of the condo market lies in its ability to garner multiple offers on units and it is here that the sector is shining. This week 30% of the condos sold at or above the list price. Like the freehold sector the East is king where 75% of condos sold in multiple offers. Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 230 sales representatives  selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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 report on the true temperature of the real estate market. 

Here Are The Top Five Trending Stories Of The Week:    
     

Toronto Condo Construction Real Estate

Most Toronto Condo Owners in it for the Long Haul: Survey

Condo investors in Canada’s two biggest condo markets – Toronto and Vancouver – appear to be in it for the long haul, with plans to keep their units at least five years and rent them out, rather than flip them for a quick profit , according to a new survey by the Canada Mortgage and Housing Corporation.




There is No Housing Bubble in Canada: Finance Minister Joe Oliver

Canadian Finance Minister Joe Oliver said he’s confident the country’s housing market isn’t in a bubble, setting aside any further action to curb activity.



National Post View: Who's Afraid of a Little Debt? 

Run for your lives! It’s the heavily indebted! 
We kid, of course. But such a response would be entirely typical of the media coverage household debt has been receiving in Canada of late. Every week, every day it seems, brings some new alarmist headline or breathless TV news segment bemoaning how much money Canadians are borrowing and how, i n due course, this will ruin us all.



Use Tax System to Cool Housing Bubble: Vancouver Immigration Lawyer

Inspired by the legendary FBI ploy to nab a notorious gangster, a B.C. immigration lawyer suggests the Canadian tax system be used to discourage the world’s super-rich from driving Vancouver property prices into the stratosphere.





Canada's Most, Least Affordable Housing Markets, According to Desjardins

Housing affordability continued to erode in the first quarter of 2015, the third quarter in a row that buying a home has become more difficult in Canada, according to numbers from Desjardins Group.