MARKET UPDATE FOR THE WEEK ENDING OCTOBER 21ST, 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 OCTOBER 21ST, 2016

  • Bosley Real Estate
  • 26 October 2016

This Fall has not been kind to our city. First, the Blue Jays got knocked out of the playoffs, then the Federal Government introduced tighter mortgage regulations. It was nothing more than a one-two punch to the stomach. But hey, we’ve been down this road before and if any place can be resilient in the face of adversity you know it’s Toronto. We just get back up, dust ourselves off and get back to business.

Clearly, homeowners aren’t terribly concerned about the market these days. Yes, listings went up last week by 26.5% and while sales remained consistent with the previous week, activity was much stronger as nearly 78% of homes sold at or above the list price. That is the highest level of activity since the Spring market of 2016. Still, the sweet spot for downtown Toronto remains as single-family homes in the $700k-$1.5M range. The notable slow spot last week was the ultra, high-end home ($3+m) that only recorded 8 sales last week compared to 18 the previous week.

The condo market had another stellar week with a modest 8.1% increase in the number of new listings to just shy of 400 units. While sales tapered off by a negligible 3.5% excitement in the condo market reached a new record with 47.1% of all sales last week trading at or above the list price. Nowhere is competition more fierce than in the east core where 14 out of the 16 sales that took place received multiple offers.

Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, 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 reflect the true temperature of the real estate market.

Here Are The Top Five Trending Stories Of The Week:



What housing inventory numbers can tell us

The number of months of inventory (MOI) is an important measure for determining the supply and demand equilibrium in the housing market. This ratio represents the number of months (or days) it would take to completely sell the homes that are currently listed for sale, based on the area’s current rate of sales activity.




Housing pundits wrong, Canada won’t have ‘major, major collapse’: Former RBC CEO

The former head of Canada’s largest bank says new mortgage rules aimed at cooling hot housing markets are “reasonable” but says fears of a housing crash are overblown. “The pundits have been raising red flags on the Canadian housing market for more than five years – and have been consistently wrong,” Gord Nixon, former CEO of RBC, told BNN in an interview Tuesday.



What Toronto’s real estate market will be like in 50 years

In partnership with the Martin Prosperity Institute, we bring you a semi-scientific glimpse into the future of Toronto. Here, what’s next for the city’s housing market




High-rise sales on track for record, while prices of new homes continue to climb

Prices for all types of new homes in the GTA continue to set records while sales of new high-rise homes are on pace for an unprecedented year, the Building Industry and Land Development Association (BILD) announced today.



Here’s why Canada’s red-hot housing market may be cooling, but won’t be crashing

The Canadian housing market can expect slower price growth over the next five years, but fears of a national housing crash may be overblown, according to a Moody Analytics report released this week.