MARKET UPDATE FOR THE WEEK ENDING AUGUST 7TH , 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 AUGUST 7TH , 2015

  • Bosley Real Estate
  • 10 August 2015

Last week we were reminded of the one question that has stumped scientists the world over; if a tree falls in the forest, and there’s no one there to hear it, does it actually make a noise? In terms of downtown Toronto real estate it seems that we could ask a similar question…. If there’s no one around to buy a house, does anything sell? Luckily keeping a sharp eye on everything related to the housing market provides us with all the answers to that question and more.

The freehold market took a well needed rest last week. New listings backed off by 17% from the previous week and sales eased by nearly 65%. While that seems like a large percentage, it is in line with traditional summer markets and the long weekend hangover. Naturally the true gauge of the health of the freehold market lies in the fact that nearly 40% of all homes sold happened above the list price. While certainly off its peak, that number is considered strong given the natural and cyclical slowdown in the market.

The condominium sector continues its conscious uncoupling to the general real estate market. Consider that while listings and sales are both down (3.3% and 10.8% respectively) more buyers are vying for this segment of the market which is forcing an increased percentage of sales happening at or above the list price. Over the past two weeks that number has increased 4%, from 15% to 19% which is only a few points off a record high. It is interesting to note that while sales across all price points have backed off slightly in the central core, they have increased substantially in both the east and west core.

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 CONDOS LEAD ANOTHER RECORD SALES MONTH IN JULY, HOMES SKYROCKET OUT OF SIGHT

Experts say lenders have become more stringent when it comes to providing mortgages to the self-employed, which could leave business owners shelling out more money to the taxman in order to prove their incomes.




TORONTO HOME SALES ON PACE FOR RECORD YEAR

Toronto’s real estate board has reported a record number of house and condo sales in July and says the Greater Toronto Area (GTA) is on pace to set a new record for home sales this year. Almost 9,900 homes changed hands in the GTA last month, up eight per cent from the same month last year. Condo sales led the increase, up 14.4 per cent.




TORONTO DETACHED HOME PRICES DROP BELOW $1 MILLION, BUT SALES APPROACHING RECORD

The average sale price of a detached home in the city of Toronto in July dipped below $1 million, the first time in months, but Canada’s largest housing market shows no signs of slowing down. The Toronto Real Estate Board says the market is now on pace for a record year and while the average sale price of a detached home was $996,970 in July, that is still a 13.3 per cent increase from a year ago




HARPER PROMISES TO INTRODUCE PERMANENT HOME RENOVATION TAX CREDIT IF HE IS RE-ELECTED

On the second full day of a campaign already deemed endless, Prime Minister Stephen Harper appeared in Toronto Tuesday to promise help for those who economists say mostly don’t need it. In the heart of Toronto’s overheated housing market, where the average detached home now sells for more than $1 million, Harper vowed to make life better not for those struggling to enter the market, but for those who already own their own homes.




PERSONAL INVESTOR: HOW TO USE YOUR RRSP TO BUY A HOME

It’s the ultimate conundrum for first time home buyers: risk buying at the height of the housing market or risk having the price of a house skyrocket beyond affordability.