MARKET UPDATE FOR THE WEEK ENDING DECEMBER 11TH, 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 DECEMBER 11TH, 2015

  • Bosley Real Estate
  • 21 December 2015

Let’s agree to call the next few weeks the ‘calm before the storm’. Every year, in the days leading up to the Christmas holidays, the Toronto real estate market takes a little breather. After the biggest year on record in terms of transaction numbers and price appreciation, we feel some rest and relaxation is well earned. Judging by the activity around our offices we know that 2016 will be another strong year. We hope you have enjoyed our weekly market updates and look forward to reporting on Toronto’s downtown core in the new year.

No surprises here. Freehold listings are only about half of what they were two weeks ago and we think it is safe to say that listings will drop again next week too. While sales are falling at roughly the same rate we noticed that demand is still strong as over half the homes traded at or above the list price. Through conversations and meetings with our agents it is evident that most buyers have put their home buying plans on hold until after the holidays.

Condo listings have backed off by 28% over the last few weeks and sales are down by 27%. We believe this orderly decline in both listings and sales indicates that the condo market, while still cyclical, is less prone to the wild swings of the freehold sector. That should come as welcome news to investors and end-users alike. We feel confident in saying that the resale condo market will have another strong year ahead since CMHC’s reported that the price gap between existing and prebuilt condos will narrow further.

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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RECORD NUMBER OF HOMES SOLD IN TORONTO IN 2015, WITH ONE MONTH TO GO

The record-breaking month is consistent with trends seen in previous months this year. With a month of sales left, the GTA has already broken the annual record of homes sold, with 96,401 so far.


FIRST-TIME HOMEOWNERS DRIVING HIGHER HOUSEHOLD DEBT: STUDY 

Soaring levels of mortgage debt have left one in 10 Canadian homeowners vulnerable to an economic shock. But with much of the risk concentrated among a small group of borrowers, policy makers are having to cool a niche segment of the housing market. 

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HOUSING STARTS, BUILDING PERMITS SHOW STRENGTH 

Canadian housing starts rose unexpectedly in November and building permits surged in October, fuelling Canada’s prolonged housing boom even as the nation’s weak economy contributed to underlying softness in some regions, reports showed on Tuesday.

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WHY ANALYSTS SEE NO QUICK END TO THE TORONTO, VANCOUVER HOUSING BOOMS 

Many observers may be brooding over what they see as the bubbly nature of the Toronto and Vancouver housing booms, but analysts are quick to counter with why they see no quick end. Much has to do with jobs, National Bank Financial points out.

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SEEKING STABILITY, OTTAWA COUPLE EYEING RETIREMENT INVEST IN REAL ESTATE

It was after losing a huge chunk of money in the stock market, twice, that Ottawa couple Denise and Stuart MacPherson decided they needed to find a new way to save for retirement.

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.
MARKET UPDATE FOR THE WEEK ENDING DECEMBER 11TH, 2015
Let’s agree to call the next few weeks the ‘calm before the storm’. Every year, in the days leading up to the Christmas holidays, the Toronto real estate market takes a little breather. After the biggest year on record in terms of transaction numbers and price appreciation, we feel some rest and relaxation is well earned.  Judging by the activity around our offices we know that 2016 will be another strong year.  We hope you have enjoyed our weekly market updates and look forward to reporting on Toronto’s downtown core in the new year.
No surprises here. Freehold listings are only about half of what they were two weeks ago and we  think it is safe to say that listings will drop again next week too. While sales are falling at roughly the same rate we noticed that demand is still strong as over half the homes traded at or above the list price. Through conversations and meetings with our agents it is evident that most buyers have put their home buying plans on hold until after the holidays. 
Condo listings have backed off by 28% over the last few weeks and sales are down by 27%. We believe this orderly decline in both listings and sales indicates that the condo market, while still cyclical, is less prone to the wild swings of the freehold sector. That should come as welcome news to investors and end-users alike. We feel confident in saying that the resale condo market will have another strong year ahead since CMHC’s reported that the price gap between existing and prebuilt condos will narrow further.
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.