MARKET UPDATE FOR THE WEEK ENDING SEPTEMBER 25TH , 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 SEPTEMBER 25TH , 2015

  • Bosley Real Estate
  • 30 September 2015

What’s up with Toronto’s real estate market? By all accounts, this is a different fall market than one we are used to. Listings are down by as much as 31.7% for freehold homes but are up by 6% in the condo sector compared to a year ago. Unit sales are tracking similarly year over year in both the condo and freehold sectors. In discussion with our sales agents it is clear that the single key factor responsible for low inventory levels rests on the upcoming federal election. While the outcome will certainly not have an immediate or significant impact on home values most sellers are simply waiting it out. Our research indicates that buyers outnumber sellers by approximately 5 to 1 in the city’s core neighbourhoods.

As mentioned, freehold listings have backed off by about 12% from the previous week however sales are up by 13.5%. It is interesting to note however that the percentage of listings selling at or above the list price decreased slightly from 73% to 70.6%. Despite world turmoil, home demand remains stronger than the previous year when only 65% of homes sold at or above the asking price. While the east core has been consistently hot for most of the year, last week it was the west core that was the new champ as nearly 80% of homes were sold with buyer competition.

The condo resale market has posted another exceptional week. Sales have been on an upward trajectory throughout the Fall market, climbing an additional 15% last week from 187 to 215 units. New listings are down 14% overall since the previous week despite a significant rise in entry level ($200k-$400k) condos in the downtown core. Condos sold at or above the list price hit a new all-time high percentage last week with 31.6% beating out the previous record of 30% set in late May of this year.

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:



IT'S TIME FOR MANY CANADIANS TO ABANDON THE 20% DOWN-PAYMENT RULE

This one’s for the housing true believers out there. You’re the buyers who keep pushing house prices higher in cities such as Vancouver, Toronto and Hamilton. Incomes are edging higher in these cities, prices are surging. If you’re primed to buy anyway, then listen up. Stop trying to save a 20-per-cent down payment and get into the market now.



BANKS SEE A BANNER 2015 FOR HOUSING MARKET, THEN A ‘MILD CORRECTION’

The oil shock and the recent hit to the economy aside, Canada’s housing markets are going to continue their winning ways this year, new studies suggest. But next year is a question mark. Indeed, the latest study from Royal Bank of Canada projected 2015 could be one of the best years ever.




TORONTO AMONG TOP ECONOMIC PERFORMERS IN 2015

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AFFORDABLE HOUSING: A CRIPPLING CRISIS WITH AN OBVIOUS SOLUTION

If you wanted to spur an economic renaissance in Canada, start by tackling Canada’s critical shortage of affordable housing.

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TORONTO CONDO OWNERS OUTPACING TSX INVESTORS

Given Toronto’s renown for condominium development, here’s an interesting finding from BMO Nesbitt Burns: Investors would have done better with condos than TSX-listed stocks over the past 15 years.




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