MARKET UPDATE FOR THE WEEK ENDING JULY 29TH, 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 29TH, 2016

  • Bosley Real Estate
  • 29 July 2016

Don't panic. For further clarification we are not talking about Toronto's hot real estate market, we are talking about summer holidays. Despite all the back to school ads that are starting to appear, there is still plenty of summer left. As for real estate, well, sales remain strong despite a continued decrease in listings and as we enter the home stretch of hot weather, we expect listings will get tighter until Labour Day.

Supply of listings in the freehold sector continue to be the overall challenge in Toronto, only made worse by the summer holidays. Our statistics show that buyers are not losing their heads as the number of sales have remained unchanged over the last week despite a decrease in the number of multiple offers (which now sits at a modest 62%). Perhaps not surprising is the fact that homes in the %700k -$1.5M range now represent the majority of home listings and sales across the entire 416.

Traditionally the condo sector is less susceptible to the same swings in buyer and seller traffic that the freehold sector faces so we were a little surprised how far resale listings backed off last week despite sales remaining at the same level. 37% of all sales across the 416 sold at or above the list price. What stuck out for us last week was the fact that the majority of condos sold in the east and west core are in the $700k to $1.5m range. Clearly these parts of the city are no longer a haven for less expensive condo choices.

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.

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