MARKET UPDATE FOR THE WEEK ENDING JUNE 26TH , 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 JUNE 26TH , 2015

  • Bosley Real Estate
  • 30 June 2015

Are you confused by the HOV lanes? Wondering how you are going to make it around the city over the next month? Wondering if it will ever warm up? We wish we could help. But if the latest information on Toronto real estate is something you need, well, we’re the company for you. Every week we pore through the data and talk to our managers and agents on the street to get you the latest information…just like this;

After hitting nearly 500 new freehold listings in early May, things have slowed down as we enter the traditional Summer market. Last week we dropped to just over 300 new listings. It seems that buyers are still out in full force however as sales increased by 5% last week. We found it interesting that sales at or above the list price tapered down to 53.8%, one of the lowest numbers this year. We expect that sales may under-perform during the month of July thanks to the Pan Am Games but demand will not slow down. This should make the fall market exceptionally busy.

Like the freehold sector, new condo listings backed off by 8.9% last week and we saw a 16% reduction in the number of units sold. While the numbers don’t show it, we believe the condo market remains strong as the indicator that we follow, the number of suites that sell at or above asking price, was a very healthy 25.5%. The mid-market condo ($700k to $1.5m) in the central core was one of the hotter segments of the market followed by the entry level condo ($200k to $400k) in both the east and west cores.

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:


REAL ESTATE: WHEN AN ASKING PRICE IS JUST CONJECTURE

The string of houses that back on to High Park’s Grenadier Pond in Toronto’s west end are seldom offered for sale and people tend to marvel at the rarefied setting when they are.




REAL ESTATE WATCH: CIBC ECONOMISTS POP THE HOUSING BUBBLE ARGUMENT.

Economists at CIBC World Markets are downplaying fears of a U.S.-style housing bubble in Canada.




CONDO BOOM HAS HELPED STABILIZE HOUSING MARKET: CIBC

The booming condo market has so far been a stabilizing, rather than a destabilizing, force in Canada’s housing landscape – an affordable safety valve for first-time buyers, renters and newcomers.




HOME AFFORDABILITY DECLINES IN TORONTO, VANCOUVER AS RBC WARNS OF RATE HIKE SHOCK

A report by RBC Economics says housing affordability continued to decline in Toronto and Vancouver, while conditions for homebuyers improved in Alberta during the first quarter of the year as lower oil prices caused the real estate market to soften..




GAP BETWEEN CANADA’S AFFLUENT AND MIDDLE CLASS IS GROWING

Canadian Centre for Policy Alternatives report finds most affluent families in their 20s have net worth over $500,000 — more than most middle-class families save over decades.