Market Update for the Week Ending January 29th 2016 - 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 January 29th 2016

  • Bosley Real Estate
  • 04 February 2016

It’s  hard to believe that we are already one month into 2016. This winter is already the second warmest on record thanks to our friend El Nino. In real estate terms, mild winters are a blessing for those intrepid Realtors. It means no snow drifts to climb over, no hunting for parking spots while out showing and less layers to wear. Of course this would all be great if there were properties to show but our research indicates that listings in both the freehold and condo sector have backed off substantially from one year ago while demand has not wavered.

In the freehold sector, listings continue to be a source of concern. One year ago there were 221 new listings compared to just 120 this year. Sales on the other hand are brisk. Our records indicate 115 sales last week compared to a mere 74 for the same period last year. It is interesting to note that last year only about 53% of homes sold at or above asking while this year that percentage has climbed to 66.7. The hottest area was the east core where nearly 90% of homes sold at or over the asking price.

A similar market exists in the resale condominium sector. Listings are off about 20% while sales are up by 32% from one year ago. Last year sales at or over the list price were a very respectable 18.9% while this year we are reporting 22.4%. While the number of new listings has remained stable in the east and west, there is a noticeable drop in the central core, proving once again that demand still exists for central condos.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and the Golden Horseshoe since 1928. We have four centrally located offices and over 250 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 reflect on the true temperature of the real estate market. 

Here Are The Top Five Trending Stories Of The Week:




HOW TO USE YOUR RRSP TO INVEST IN REAL ESTATE

As the Canadian real estate market continues to rise, some investors want to put their RRSP money to work in a real estate investment. While there are limitations, there are also several options available to investors.



JUST HOW SMART CAN YOU MAKE YOUR HOME – AND AT WHAT COST?

Carlos Espinosa, a design professional based in Boulder, Colorado, has a completely decked-out “smart” home - light switches he can control from his mobile phone, a security system, moisture detectors that alert him to leaks and integrated stereo speakers.



TOO PRICEY, TOO MANY: CMHC REPORTS 'MODERATE' PROBLEMS IN HOUSING MARKET

Canada's major housing markets show "moderate" evidence of overvaluation and overbuilding according to the Canadian Mortgage and Housing Corporation.



PRICE GAP BETWEEN TORONTO HOUSES AND CONDOS EXPECTED TO SHRINK MARKET

The price gap between condos and houses soared 50 per cent last year in the Greater Toronto Area as values of single-family homes skyrocketed, while the condo market flat lined.



TORONTO HOUSE HUNTERS JUMPING IN TO THE MARKET EARLY IN 2016 

Bosley Real Estate Ltd. agent David Fleming was optimistic last week that his clients had a good chance of surpassing rival bidders for a semi-detached house on Monarch Park Avenue in Toronto’s east end.