MARKET UPDATE FOR THE WEEK ENDING JULY 15TH, 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 JULY 15TH, 2016

  • Bosley Real Estate
  • 15 July 2016

It’s mid July and the first smell of a calmer real estate market is in the air. The kids are happily ensconced in camp, the roads are less congested, the Blue Jays are closing in on first place and you've got your new favourite book packed and ready to take to the cottage. This is what life in the big city is supposed to look like! Sure it's hot, but we are Torontonians. We can brush off the heat alerts faster than The Four Tenors can brush off a member of their troop.

The freehold sector has finally loosened up some of its grip on listings as last week there was a 27% increase of homes to choose from. Sales remained strong with 156 sales in the 416 and only 64.7% sold at or above asking. The hot spot for the week was the east core where there were 10 more sales than listings which boosted multiple offers to well over 75%. Sup-ply and demand dynamics remain firmly in place in Toronto. As a comparison, last year, for the same period, there were 34% more listings and 9% fewer sales (with a dreamy level of only 54% of homes selling at or above the list price).

The condo market continues to show its fortitude. Last week it recorded 592 new listings across the 416 compared to a staggering 750 at the same time last year. While listings are down, sales are up over 33% to 295 but what is really astonishing is the number of condos selling at or over the list price. Last year that number was 18.5% compared to 33.6% last week. Sales above the list price has not dipped below 30% since mid February of 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:



SOLVING THE GTA’S AFFORDABLE HOUSING SHORTAGE

The inadequate supply of affordable housing is a massive and growing problem in the GTA, and one that governments at all levels are actively working to address.




GTA HOUSE PRICES WILL KEEP RISING: REPORT

House prices in the Greater Toronto Area aren’t poised to come down any time soon.





NEW CONDO CONSTRUCTION IN TORONTO BOOSTS HOUSING STARTS RATE NATIONWIDE

In its latest round of figure releases, the Canada Mortgage and Housing Corporation (CMHC) announced that the number of new housing starts across the country picked up pace last month, accompanying a wave of new condo construction in one of Canada’s hottest metropolitan markets.




NO COOLING IN SIGHT FOR CANADA’S HOTTEST REAL ESTATE MARKETS

Residential deals post strongest growth in five years in the second quarter of 2016





RED-HOT HOUSING MARKETS WORRY BANK OF CANADA

Even though the Bank of Canada is stepping up warnings about overheated housing markets in Toronto and Vancouver, it is not raising interest rates any time soon.