MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 24TH, 2017 - 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 FEBRUARY 24TH, 2017

  • Bosley Real Estate
  • 24 February 2017

While we always enjoy spending time with our families, after all we are a family company, we never like what happens before the Family Day long weekend. Or really any long weekend in fact. The thing is, Realtors never like to list right before a long weekend which inevitably means listings drop the week before the long weekend and that creates what we like to call the real estate inversion. Before the long weekend there are a lot of sales and hardly any new listings and right after the long weekend there are a lot of new listings but not as many sales.

Freehold listings followed this predictable pattern and are up 10% over the previous week yet remain historically low when looking at inventory over the past few years. Of course, the Spring market has sprung so we do expect to see the listing inventory climb as we proceed to the warmer months. While sales were down over the previous week they continue to outpace new listings. Perhaps a silver lining for last week was that the number of Freehold properties that sold in bidding wars eased off slightly from 77% to 61%. Sorry, but we don’t expect that to be a trend moving forward. Bidding wars are here to stay for the foreseeable future.

The condo market has always been a little different around the long weekends and bucked the pattern with a decline in listings (down 27%) and a decline in sales (down 18%). Bidding wars followed a similar decline to the freehold segment going from 71% to 63%. Holding back offers and bidding wars are a newer experience for the condo market and we are confident that with some practice it will follow the same long weekend trends the freehold market observes. If you are a follower of the long weekend calendar method of buying and selling real estate you have just over two weeks until March Break. Happy Buying and Selling.

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:

Here Are The Top Five Trending Stories Of The Week:



Is Toronto real estate really in a bubble?

If you live in Toronto you realize you’re in the center of the Canadian real estate universe these days. While the last few months have seen Vancouver housing sales decrease and prices stabilize, Toronto’s real estate market has been catching fire. And of course, economists and bond rating agencies have noticed, too.




‘Trapped Wealth’ Drives Toronto’s Speculative Real Estate Dilemma

Toronto’s housing boom is unrelenting. Prices in Canada’s largest city surged more than 20 percent over the past year, the fastest pace in three decades, data released last week show. Some of the city’s neighboring towns are posting even bigger gains.



Foreign buyers ‘not to blame for Toronto bubble’

With warnings of the Toronto, Canada, market becoming a bubble after current price rises of 22%, some are blaming increased interest from international buyers and first-time buyers.




What's Driving The Toronto Office Market's Meteoric Rise

Canada’s largest office market has 72M SF, but firms seeking 300k SF-plus blocks are facing "No Vacancy" signs, said Teague, executive managing director for Cushman’s Greater Toronto Area operations.



Millennials are ‘generation screwed’ on real estate

Realtors and home builders outline five things the Ontario government can do to relieve the underlying housing supply crunch that is driving up prices across the GTA.