Bosley Real Estate Market Insight October 23rd, 2015 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

Bosley Real Estate Market Insight October 23rd, 2015

  • Bosley Real Estate
  • 27 October 2015

While the Blue Jays post season run came to a halt last week Toronto’s real estate market is having a run of its own.  Now that the election is over, and the world DIDN’T end, Sellers can go back to selling and Buyers can go back to buying…..and buying they did….in spades. Unless you count Halloween as a significant event, we should see a steady trading pace for the next few weeks.

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Listings improved slightly in the freehold sector last week. While demand is still extremely high, the 3% increase in available listings caused a significant rise in multiple offers last week moving from a low of 36% two weeks ago to nearly 59% last week. The number of sales shot up 63% from 113 to 184 units in the downtown core. The hot district shifted back to the east core where over 70% of homes traded at or above the list price.

Listings in the resale condominium sector are down for the third week in a row. Inventory of condo listings has not been this low since February 20th, 2015 (with the exception of one week in late August). Sales on the other hand jumped by nearly fifty units since last week to 216. Sales at or above the list price now hovers at 24.1% with the $700k-$1.5m range in the central core being the hot spot last week by registering 6 out of 18 sales at or above the list price.

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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PENALTIES AND RATES SHOULD BE CONSIDERED WHEN MORTGAGE SHOPPING

Mortgage rates are near record lows, but brokers say those shopping around for a loan should look beyond the rates they’re being offered and pay close attention to how much it will cost to break their mortgages.



INTEREST RATES EXPECTED TO REMAIN ON HOLD UNTIL 2017, ECONOMISTS SAY

The Canadian economy probably rebounded from a mild recession last quarter, helped by solid U.S. demand for its exports, but the recovery is not seen as strong enough to warrant an interest rate rise until 2017, according to a survey of nearly 50 economists

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HOW THE LIBERAL WIN WILL AFFECT INTEREST RATES, TAXES AND REAL ESTATE

The majority win by Justin Trudeau’s federal Liberal Party in October 19th's election pushes Trudeau’s campaign promises of an overhaul of Canada’s tax system and increased infrastructure spending to the forefront, according to a TD Economics note to investors released October 20.



BALLOTS AND BASEBALL COMPLICATE THE FALL REAL ESTATE MARKET

In Toronto’s capricious fall real estate market, agents have been trying to predict the moves of buyers while also reining in the unbounded optimism of some sellers. This week, with the added suspense surrounding voting night in the federal election and tension-filled Blue Jays baseball games, choosing a deadline for offers – or deciding whether to set one at all – has become even more complex.

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THE BEST (AND WORST) PLACES TO LIVE HOW WE RANKED TORONTO’S 140 NEIGHBOURHOODS

The great thing about living in Toronto is that every neighbourhood comes with bragging rights. Rosedale has prestige schools. Trinity-Bellwoods is the capital for small-batch picklers. Etobicoke has low crime rates, Scarborough has lush parks, downtown has the most transit. every neighbourhood has something going for it. but Torontonians are competitive, and we like knowing how we stack up.

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.