MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 26TH, 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 FEBRUARY 26TH, 2016

  • Bosley Real Estate
  • 01 March 2016

Welcome to the Oscar Edition of the weekly Bosley Market Insight. Last week, like a true Cinderella story, the spring market kicked into high gear with more strength than double-sided tape in an Oscar dress. Clearly The Force Awakens thanks to a strong increase in The Revenant listings. Unless you’ve been living like The Martian or happen to be Straight Outta Compton you probably have missed the fact that the real estate market is under The Spotlight at this time of year. We would be remiss not to welcome back those who have been sitting on the sidelines, especially those living in a Room on Fury Road. So it gives us great Joy to give you the latest news.

After an absence of several weeks, freehold resale listings are starting to move in a positive direction, increasing by 32.1% last week. The sweet spot for new listings across the entire core of the city is in the $700k to $1.5m range which increased nearly 60%, while sales in this category also saw tremendous activity, jumping 83%. What is interesting to note about the market is that cooler heads tend to prevail with only 60% of sales being recorded at or above the list price (compared to 76% a year ago).

The condo sector continues its positive momentum as well. Resale listings improved 21.8% last week, primarily in the central core, while sales increased by 33.5%. The majority of listings (45%) and sales (49%) fell into the $400k to $700k price range. This tends to be the price range where freehold home buyers are finding success in the search for their first home. Overall, the health of the condo market rests in the number of units selling at or above the list price. Last week that number was 25.1%.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, Ontario since 1928, the same year the Oscars started. 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 report on the true temperature of the real estate market.

Here Are The Top Five Trending Stories Of The Week:


NEW MORTGAGE RULES TAKE EFFECT AS OTTAWA TRIES TO COOL TORONTO AND VANCOUVER MARKETS

The Canadian Real Estate Association says sales of existing homes rose by eight per cent last month compared to a year ago, while the national average home price soared 17 per cent.




BJARKE INGELS' TORONTO CONDO COMPLEX IS GETTING WORLDWIDE ATTENTION

Renowned Danish architect Bjarke Ingels is bringing his brand of eye-catching modernism to Toronto, with a new condo complex on King Street West that promises to change the face of the city.

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FORGET FOREIGN BUYERS: 3 REASONS TORONTO, VANCOUVER HOUSE PRICES AREN'T COMING DOWN

With house prices up by double digits in the Toronto and Vancouver areas, policymakers are finally starting to take the foreign investor issue seriously. British Columbia, for instance, announced in its budget this week that it will start tracking the citizenship of home buyers.




CANADA'S HOT HOUSING MARKETS WILL HELP BOOST ECONOMIC GROWTH: POLL

Canada's housing market will be a net contributor to economic growth in the coming year, impelled by rising prices, but become a drag soon after due to a slowdown in buying and high levels of household debt, a Reuters poll found.



MORE RENTAL HOUSING COULD BE COMING TO TORONTO

After decades of condo dominance, Canada’s real estate market appears to be returning to rental. However, it may be too early to tell if the trend applies to Toronto.