MARKET UPDATE FOR THE WEEK ENDING AUGUST 28TH , 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 28TH , 2015

  • Bosley Real Estate
  • 31 August 2015

Free weekend alert. If you think your inner clock is out of whack, you are right. The holiday gods are making up for that ridiculously early Easter and giving us an extra week of summer. The real estate market woke up to this realization last week as well. After a quick uptick in listings and activity the market backed off to traditional summer levels. Our feeling is that there are a lot of last-minute trip takers out there doing their best to squeeze out a few more summer days.

Take for example the freehold sector. After a 10% jump in listings two weeks ago levels went down 20.7% last week. It is interesting to note however that sales across the downtown core jumped almost 40%. With large discrepancies in listing to sales the core is eating away at existing inventories which could create bigger demand in the fall. A further indicator of market strength is the number of sales at or above the list price. While dipping down from the previous week we are still at a healthy 55% for this reporting period.

In the condominium sector new listings have remained relatively unchanged over the last week while sales are down a little over 10% (from 200 units to 181 units). Sales at or above the list price are currently at 16.6% which is a solid indicator that the condo market is trading well. In the central core we noted a significant increase in luxury condos coming to market last week while there was a decline in number of mid-priced listings ($400k to $700k).

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, Ontario since 1928. We have four centrally located offices and over 240 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally 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:



CANADIAN HOME PRICES PREDICTED TO RISE DESPITE ECONOMIC UNCERTAINTY

Canadian home prices are expected to rise a more than 5 per cent this year and 2 per cent in 2016 even as the economy weakens, a Reuters poll has found. Canada’s economy shrank in the first three months of the year and it may have in the second quarter as well, owing in part to slumping oil prices. But house prices have defied this weakness so far and have kept climbing.




CMHC SAYS MORTGAGE INSURANCE VALUES DOWN IN SECOND QUARTER

Canada Mortgage and Housing Corp. said the total value of its mortgage insurance shrank in the second quarter as the federal government continues to foresee itself playing a smaller role in the country’s housing market.




HOT REAL ESTATE MARKETS DRIVING HOUSEHOLD WEALTH

Canadians grew wealthier in 2014 as they saved more money while slowing their pace of borrowing, leaving many households better prepared to weather falling oil prices and recent economic downturns.




RUNAWAY PRICES, OR NOT: TAKING THE REAL ESTATE MARKET’S TEMPERATURE HEADING INTO FALL

Condo owners and purchasers may be pondering what lies ahead for Toronto’s real estate market as we head into the fall season. In July, the Bank of Canada lowered its overnight lending rate from 0.75 per cent to 0.50 per cent. The major banks soon followed suit, resulting in increased sales activity in the GTA.




REAL ESTATE BOUGHT WITH OFFSHORE CASH RAISES MONEY LAUNDERING CONCERNS

A report prepared for Canada’s anti-money laundering watchdog points to offshore cash in the real estate sector as a “significant risk” for criminal wrongdoing.