MARKET UPDATE FOR THE WEEK ENDING APRIL 1ST, 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 APRIL 1ST, 2016

  • Bosley Real Estate
  • 05 April 2016

The date may say April 1st, but let us be clear...there is no joke about the Toronto real estate market. Hold tight, the spring market, the season of multiple offers, is upon us. Buying a property these days requires nerves of steel and a determined constitution. For the next few months media outlets will be sharing stories of stunning wins and colossal losses. Get ready for Toronto's own version of "Game of Homes".

Last week new freehold listings jumped to their highest level since November 2015 recording a dramatic rise of 49% over the previous week. With 234 new homes to choose from, buyers are coming out of their long winter slumber. Our downtown office reported that over 300 people showed up over the weekend to look at a home in the downtown west core. Sales are up as well with a 22% increase over the previous week. Generally there is a lag between a sharp increase in listings and the corresponding increase in sales due to sellers pushing back offer nights by a week to allow maximum exposure to the market. The percentage of homes sold at or over the list price has been consistent, hovering in the 60-65% range.

The condo market continues to build on its successes. Like its freehold counterpart, listings have improved but by a much more modest 16%. Still, that translates to a near record 628 suites. Most of that increase has come from the mid-entry level market ($400k-$700k) in the central core. Sales have increased by 20% over the past week with a remarkable 40% of condos in the central core's $400-$700k range selling at or over the list price. Overall, we have reached a record high 35% of condos across the downtown core selling at or above the list price.

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:



FEE FOR LAND TRANSFER REGISTRATION AMOUNTS TO TAX ON A TAX

Last week the City of Toronto and Teranet, the administrator of the provincial land registration system, announced a new $84.75 tax on registration of every land transfer in the city.




OPEN HOUSES ARE LEAVING OWNERS VULNERABLE TO THEFT

An experience from hell, that’s how Brenda Potter-Phelan describes her open house from 2012. Her family had $4,000 worth of merchandise stolen and her husband was a victim of identity theft. Among the items taken from the home include jewelry, portable electronics (cameras and cellphones), and family heirlooms. She blames her real estate agent for not preparing them.



REAL ESTATE CROWDFUNDING GOES RESIDENTIAL

Crowdfunding has arrived in the toronto residential real estate market, but while these deals have the potential to be lucrative for investors, they’re not without risk.




IS NOW A GOOD TIME TO INVEST IN A RENTAL PROPERTY? SIX THINGS TO CONSIDER

Real estate, especially in B.C., has certainly been the place to invest recently, where even Vancouver condo prices showed a year-over-year increase of 19 per cent as of February.



SURVIVING BUYING SEASON IN CANADA’S HOTTEST REAL ESTATE MARKETS

We may just be settling into the idea of warmer weather, but the Canadian housing market has been hot for a while. In the midst of the busiest month of the year in real estate, the Canadian housing market shows no signs of cooling down anytime soon, pushing buyers to think twice about their next move.