MARKET UPDATE FOR THE WEEK ENDING APRIL 8TH, 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 8TH, 2016

  • Bosley Real Estate
  • 12 April 2016

Its official...not only are the “Boys of Summer” back in town but Toronto’s spring market has officially kicked into high gear. There’s no denying that the process is exciting but, just like baseball, there are winners and losers. To win at real estate, you need an experienced agent on your side, waving you in from third base.

After languishing at historically low listing levels, the freehold market took an 18.4% gain with a total of 277 new homes listed in the downtown core last week. Unfortunately the increased choice did not calm buyers as sales climbed by a remarkable 40.4% with nearly 79% of homes selling at or above the list price. In the east core, there were more sales than listings while the west core actually recorded fewer new listings on the market but a weekly increase in sales.

The condo market continues its torrid pace with a slight 6.2% rise in new listings and a 3.2% increase in sales. For the fourth week in a row, sales of condos sold at or above the list price continues to track above the 30% mark coming in at 31.5%. The central core traditionally has more sales and listings purely due to a higher concentration of condominium buildings but the east and west cores, with larger and more affordable suites, have similar demands in all but the higher price ranges ($1.5M plus).

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:



OTTAWA’S NEW RULES SHOWING ‘NO IMPACT’ ON HOT VANCOUVER, TORONTO HOUSING MARKETS

The two strongest housing markets in the country, both targeted this year by new housing policy from Ottawa, continue to exhibit no sign of slowing down at all. On Monday, the Real Estate Board of Greater Vancouver said March was the highest selling month on record.




GTA REAL ESTATE MARKET ON PACE FOR ANOTHER YEAR OF RECORD-BREAKING SALES

Toronto real estate agent Elli Davis just closed a “bully offer” for $300,000 over a $2.65 million listing price, a type of deal she’s making more often in the busiest market she’s seen in nearly 30 years.



CONDOS A POPULAR OPTION AS AVERAGE TORONTO DETACHED PRICES HIT $1.2M

First-time homebuyers looking to enter the Toronto market are increasingly scooping up condos, even as competition drives the average price of a detached home up to $1.2 million.




5 THINGS THAT COULD TOPPLE CANADA’S HOTTEST HOUSING MARKETS, BUT PROBABLY WON’T: BMO

The real estate markets in Toronto and Vancouver seem to set a record with each turn of the calendar. The question is, for how long?



FOREIGN BUYERS FLOCKING TO TORONTO’S DOWNTOWN CONDO MARKET

The number of foreign investors in the Toronto region’s condo market surged 50 per cent last year, with international buyers flocking to newly built units in the downtown core.