MARKET UPDATE FOR THE WEEK ENDING JUNE 16TH, 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 JUNE 16TH, 2016

  • Bosley Real Estate
  • 22 June 2016

In real estate terms we call this time of the year the final push. It's that time for sellers to get into the market just before summer hits and thoughts turn to sipping beverages by the lake or taking the family on a summer adventure. Whatever your plans are, if you are a buyer, this is the time to consider getting into the market as new listings will tend to taper off over the next few months.

A 36% increase in new listings over the last week made a significant contribution to the choices that buyers had. New listings appeared equally across the 416 with a notable increase in the $700k-$1.5m price range. The first time buyer market, $400k-$700k continues to be tight across the downtown core although there seems to be a bit more choice in the west core. Despite the increase in new listings, sales have remained virtually unchanged yet of the 195 homes sold, 145 of them sold over asking (74.3%).

The condo market was a little less forthcoming in new listings last week, increasing available units by 14.5% to 614. While that seems like a large inventory it is important to recognize that sales also improved by over 6% and 38.2% of all transactions in the resale condominium sector happened at or above the list price. This continues to be the trend for 2016.

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:



REALITY CHECK: CAN CANADA’S RED-HOT HOUSING MARKETS BE REINED IN?

The Bank of Canada’s ominous warning Thursday cut no corners: skyrocketing housing prices in Vancouver and Toronto are not sustainable. While some are being shut out of the market, those who jumped in are financially stretched. Should there be a correction, a lot of people could be in serious trouble, the report warned.




‘HOW DO YOU SOLVE A PROBLEM LIKE A HOUSING BUBBLE?’

Analysts don’t believe the Bank of Canada will move to cool the Vancouver and Toronto housing markets and curb runaway consumer debt, as former governor Mark Carney threatened to do.



CONSUMER CONFIDENCE EDGES HIGHER AS MORE CANADIANS PUT FAITH IN BLISTERINGLY HOT HOUSING MARKET

Consumer confidence hit a fresh high this year as the number of Canadians expecting a decline in real-estate prices dropped, telephone polling shows.




SUPPLY SHORTAGES THREATEN TO CRIMP HOUSE SALES IN VANCOUVER AND TORONTO

Canadian home sales started off the year at a torrid pace, fuelled by Vancouver and Toronto, but the Canadian Real Estate Association says sales in the country’s hottest markets are expected to slow in the second half in the face of high prices and a shortage of available properties.



AVERAGE CANADIAN HOUSE PRICE ROSE 13% TO RECORD $509,460 IN MAY

The average price of a Canadian home sold in May was $509,460, a 13 per cent increase in the past year and the highest figure on record. The strong gains are largely tied to hot markets in Ontario and British Columbia, according to the numbers released Wednesday by the Canadian Real Estate Association.