MARKET UPDATE FOR THE WEEK ENDING MAY 27TH, 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 MAY 27TH, 2016

  • Bosley Real Estate
  • 27 May 2016

Ok, now that the Raptors are out of the playoffs it’s time to get back to the business at hand...real estate. It’s been a hectic Spring so far. Lack of supply, particularly in the freehold sector continues to be the significant factor in the increase in multiple offers and it’s no wonder that some buyers are feeling frustrated with the process. Sitting on the sidelines is not an option in this market as the challenges to home ownership are not likely to diminish over the coming year.

The freehold market is once again feeling the pinch of tight supply. Consider that last year at this time, the downtown core had 476 available homes for sale. After ramping up at the beginning of the month, new listings have dropped by a marginal 2.5% to 316 while sales declined by nearly 73% (from 247 to 143 units). Most of this decline comes as a result of the recent long weekend; However, playoff fever has traditionally played a role in slower sales as well. With nearly 63% of homes selling at or above the list price it is clear that buyers are starting to adapt a more cautious attitude about entering into a multiple offer situation.

New listings have backed off almost 14% in the condo sector while sales are down by 36%. Despite the decline in sales, the true indicator of market health is recorded in the number of suites selling at or above the list price. Last week we reached a new high of 37.7%. It is interesting to note that at the same time last year there were almost 30% more listings and just 10% more sales. The east core has the honour of being the hottest market in the city with each of the five condos selling 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:



CANADIAN HOMEOWNERS SCRAMBLING TO MAKE ENDS MEET AMID HIGH COSTS: MANULIFE

Many Canadian homeowners are scrambling to make ends meet, a new survey suggests.




MORE SPRAWL WON’T SOLVE AFFORDABLE HOUSING SHORTAGE

Rising housing prices continue to make headlines in the Greater Toronto Area. Nary a day goes by without some new record set, exciting homeowners at dinner parties and worrying young families saving for their first home. The latest numbers say it all: the average selling price across all housing types in the GTA rose to $697,679 in April. A decade ago you could get into the market for an average of $300,000.



HOME OWNERSHIP DREAMS TAKE BUYERS FURTHER AND FURTHER FROM TORONTO

“Fear of missing out” is gripping real estate buyers throughout the Greater Toronto Area this spring.




TORONTO PROPERTY VALUES SURGE, BUT CONDO GAINS LAG

Toronto homeowners may get a shock later this month when they open their property assessment notices to find the value of their home has jumped nearly 50 per cent.



TORONTO’S RED-HOT MARKET SENDS PROPERTY VALUES SOARING

Toronto’s blistering housing market has prompted a 30 per cent jump in residential property values over the last four years, according to the company that assesses real estate in the province.