MARKET UPDATE FOR THE WEEK ENDING OCTOBER 16th, 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 OCTOBER 16th, 2015

  • Bosley Real Estate
  • 21 October 2015

Let’s go Blue Jays! Okay that’s out of the way. On to our weekly market update on Toronto’s fast paced real estate market.  Ask yourself...does it ever feel like, despite your best efforts, the stars just don’t align? Two weeks ago we saw an awesome come from behind victory by the Toronto Blue jays AND we enjoyed a lovely long weekend. While these were very positive events  in our lives they did contribute to a slowdown in both listings  and sales in the downtown core. Last week that slowdown continued as we waded into the final days of the election. We shall soon see who reigns supreme. Are you ready?

It was really no surprise to us that listings fell over the Thanksgiving long weekend. That has been a trend for as long as we can remember. Just as quickly as they fell, they shot back up again last week but are still trending lower than average for September and October. Sales however have dropped dramatically as the election draws to a close. Sales at or above the list price also fell to a yearly low of just 36%. While we feel the outcome of the election has little bearing on home values, it’s clear that Torontonians are taking a wait and see attitude towards buying and selling right now.

The condominium resale market has finally broken from tradition by mimicking its freehold rival. Listings are well off the pace of the last two months hovering at 620 new units last week. Sales figures, which have been improving every week for the last seven straight, finally saw a reversal of fortune. 160 sales last week represents a decrease of 44% from the previous week but are still tracking higher than pre-Fall Market levels.  Sales at or above the list price stand at a very respectable 20.6%

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.

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Here Are The Top Five Trending Stories Of The Week:

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TORONTO THE HOTTEST LUXURY MARKET IN THE WORLD: CHRISTIE’S

Sales of million-dollar homes in Toronto continue to soar as the city holds onto the top spot as the hottest luxury market in the world, according to recent research by Christie’s International Real Estate.



A DEEPER LOOK AT HOUSEHOLD DEBT

The results of a recent big bank survey on household debt shows Canadians are benefiting from the low rate environment – but many are not taking full advantage.

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HOUSING STARTS RISE TO HIGHEST LEVEL SINCE 2012 ON CONDO, APARTMENT BOOM

The pace of home construction rose to 230,701 units a year in September, the highest level in three years, the Canada Mortgage and Housing Corporation says.



MONTHLY HOME SALES DECLINE IN SEPTEMBER

Canadian home sales in September were down from August as some of the country’s hottest real estate markets saw sales cool.

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DON’T PULL THE PLUG ON THE SUBURBS YET AS PEAK PRICES DRIVE HOME BUYERS OUT OF THE CORE

The predicted death of the suburbs may be a little premature, according to a new report that suggests renters looking to own may have no place else to turn.




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The year-over-year rise in the price of Canada’s housing in the second quarter of 2015 is one of the highest in the developed world, largely because of low interest rates, according to a report from Scotiabank.
The predicted death of the suburbs may be a little premature, according to a new report that suggests renters looking to own may have no place else to turn.