MARKET UPDATE FOR THE WEEK ENDING MARCH 4TH, 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 MARCH 4TH, 2016

  • Bosley Real Estate
  • 08 March 2016

Knock-knock. Who's there? Scarce listings. Scarce listings who? Scarce listings are causing multiple offers and sharp price increases. Ok, so we are missing the usual snappy opening this week but the lack of available listings has us, and our buyer clients, in a bit of a bad mood. Even with near record low inventory levels, sales have been extremely brisk. The frenzy of activity isn't just localized in the downtown core either. As the Globe and Mail recently reported, suburban homes across the GTA are experiencing a similar fate. The trifecta of low interest rates, strong employment and immigration are driving accelerated price growth across the region. As the Globe reports 'nearly half of all job growth and 75% of immigration' is happening in the 905.

Available freehold listings dropped 35% last week, falling to a 3 week low. Sales however have remained strong, improving by 7.8%. Fewer homes on the market and strong demand has led to a 10% increase in multiple offers over the week, to 69.3%. This was most noticeable in the $700k to $1.5m price range in the east and west core where a remarkable 90% of homes sold over asking. Our view is that month over month price gains will continue to cruise at double digit rates for the foreseeable future.

We believe that the condo sector may have finally come to the realization that its value lies more with end users who were unable to buy freehold homes. Despite an almost 16% decline in listings across the 416, sales have continued to strengthen registering a 3% increase over the previous week. The outstanding factor that proves the condo market's health has to be the percentage of sales at or above the list price, currently sitting at 34%, the highest percentage ever.

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 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:


CITY’S VIGOUR COMES FROM WHAT’S OLD — AND ORDINARY: HUME

Even the newest city needs a supply of old buildings. In Toronto, which seems to remake itself every few years, that supply is running out.




AS DETACHED HOME PRICES SOAR, FIRST-TIME BUYERS TURN TO CONDOS

The average first-time buyer in Vancouver now needs more than a decade to save for the minimum down payment on a house under tough new federal mortgage rules, a sign that affordability in Canada’s most expensive cities has reached crisis levels.



TORONTO DETACHED HOMES SOON ONLY FOR THE WEALTHY: REPORT

RBC says that if current trends continue, single detached homes in Toronto and Vancouver will soon be firmly in the luxury housing segment, available only to wealthy households.




GTA REAL ESTATE SALES HIT RECORD HIGH IN FEBRUARY

If you’re in the market for a single-family detached teardown complete with a gas stove, large manicured backyard and hardwood floors, Toronto may be the real estate market for you.



HOW TO MOVE TO CANADA: 10 GREAT HOUSING DEALS

Following Donald Trump’s strong performance on Super Tuesday, Google searches for “how to move to Canada” spiked by more than 350 percent, according to Google Data Editor Simon Rogers, eventually topping 1,000 percent.