MARKET UPDATE FOR THE WEEK ENDING MAY 29TH , 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 29TH , 2015

  • Bosley Real Estate
  • 04 June 2015

Just when you think you have a handle on the market, something changes and you are forced to re-evaluate. Eventually there comes a point when you just have to strap yourself in and recognize that it’s next to impossible to predict what’s going on in Toronto’s real estate market. As the old saying goes….nothing is as constant as change.

Case in point, the number of new freehold listings. Last week new listings were WAY up, this week they’re down by 3%. In complete contradiction to that pattern, sales are WAY up by over 88% from a week ago. And while the percentage of homes selling in multiple offers was off last week (54.3%), it seems like we are returning to more aggressive territory with almost 70% of homes selling at or above the list price. The big surprise of the week has to be the high end market, homes listed above $3M, where we had a near record 9 sales in the week.

Similar to the freehold market, the number of new condo listings has been going up and down like soccer fans doing the wave. This week listings are back down by 3.4%, but sales have jumped by an astonishing 41% from the previous week. While not in record territory, nearly 28% of suites sold at or above the list price. The hottest area this week is the $400K-$700K sector in the central core where 31% of the condos sold at or above the list price.

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:     
      

Canada’s real estate market is undervalued, Trump exec says

Canada’s real estate market is undervalued, Trump exec says

One of Donald Trump’s most trusted executives says Canada’s real estate market is undervalued and rife with investment opportunities




Average home price of affluent Canadians tops $1.5-million

Average home price of affluent Canadians tops $1.5-million 

Affluent Canadians are sitting on an average value of $1.5-million for their homes, a recent poll indicates.



Canada’s national housing agency is skeptical that a private mortgage-bond market would work here

Canada’s national housing agency is skeptical that a private mortgage-bond market would work here

Efforts to create a private mortgage bond market in Canada won’t work under current conditions because there’s weak demand to buy the securities even with state guarantees, said the head of the country’s national housing agency


Ontario unveils new legislation to protect condo owners from fraud

Ontario unveils new legislation to protect condo owners from fraud

In the wake of a massive condo boom, Ontario is overhauling its outdated rules governing condominium living, giving the province’s 1.3 million condo owners new rights to battle boards and unscrupulous property managers.



Most Toronto condo owners in it for the long haul: Survey

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.