Bosley Real Estate Market Insight November 13th, 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 November 13th, 2015

  • Bosley Real Estate
  • 18 November 2015

With listings in both the freehold and condo sectors slowing down as we near the end of the month, the debate rages on. Should buyers wait until the New Year to purchase a new home or jump into the market now? There are different points of view on this topic. If you wait there will be more choice BUT you will be competing with all the other buyers who are also waiting for the spring market. More buyers bidding on the same home will drive prices higher. If you buy now there is less choice but fewer buyers. Naturally, life is less complicated as a seller. 

As expected, new freehold listings were down last week.  Our target prediction was outshot as we saw listings cut in half in the downtown core.  The number of recorded sales however was only down 26.6% and we still saw a high level (53.8%) of those sales happening at or above the list price. While the high-end home seems the most affected by the slowing market there were segments that fared very well. They included the $700k to $1.5m price range in the central core and the $400k to $700k price range in both the east and west cores.

The condo sector is experiencing similar traits as the freehold sector however not nearly as obvious. Listings have backed off by 46% however sales only dipped by 20%. Of those sales, 16.7% happened at or above the list price. Clearly the condo sector has held its own throughout 2015 and with fewer new condo completions on the horizon for 2016 as well as continued strength in the freehold sector, we believe that this segment of Toronto’s real estate market will remain strong going into 2016.

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 Toronto 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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RESALES AND RENOVATIONS EXPECTED TO POWER LOCAL HOUSING MARKET

New homes are expected to be built at a slower pace in Waterloo Region in the coming years, but the overall real estate market won’t slow significantly.


SUPPLY OF CONDOS LOOKS GOOD FOR THE NEXT 3 YEARS

The GTA witnessed a record high for condominium completions in 2014, with 25,571 units delivered, surpassing the previous record of 19,534 new units completed back in 2013.

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TIPS ON PAYING YOUR MORTGAGE OFF EARLIER

Sean Cooper`s story has gone viral as at the age of 30 he paid off his $255,000 mortgage in three years and two months. I spoke with Sean a few years back and trust me he has always been financially savvy and very frugal.But it was more than that; he was driven by a deep desire to free himself from the stress and risk of carrying huge amounts of debt.



BANK OF CANADA’S WILKINS SAYS SOFT LANDING STILL LIKELY FOR HOUSING SECTOR

The Bank of Canada’s number-two policy maker said the central bank remains confident that Canada’s housing sector will achieve a soft landing, just days after a leading global economic body warned of rising risks in overheated pockets of the Canadian market.

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THE BANK OF CANADA’S NUMBER-TWO POLICY MAKER SAID THE CENTRAL BANK REMAINS CONFIDENT THAT CANADA’S HOUSING SECTOR WILL ACHIEVE A SOFT LANDING, JUST DAYS AFTER A LEADING GLOBAL ECONOMIC BODY WARNED OF RISING RISKS IN OVERHEATED POCKETS OF THE CANADIAN MARKET.

If you needed more evidence of where the action is, the latest reading of Canadian home prices spells it out. Values rose in Vancouver by 0.6 per cent in October from September, and in Toronto by 0.3 per cent, according to the Teranet-National Bank home price index released today.

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.