MARKET UPDATE FOR THE WEEK ENDING JUNE 23RD, 2017

  • Bosley Real Estate
  • 30 June 2017

Pride week in Toronto was a colourful success and Bosley's participation in Family Pride was a whole lot-of-fun! As we are coming up to the much anticipated "Canada 150" long weekend, this will be a weekend to participate in the festivities around town. With so many events happening in Toronto to celebrate Canada's big birthday it will be hard to narrow down which events to attend. (Check them out here)

It's not unusual for listings to start tapering off before a long weekend. Last week new listings were down slightly by 9% for the freehold sector compared to the week before, but in the condo market, new listings were up a whopping 43%. Interestingly half of the freehold homes in the $700 to $1.5m range, sold over the asking! In the central core it seems that first time buyers are taking advantage of the $400 -$700 price range where more than 50% of the action was. As a TD economist pointed out, last month marked the first time since 2010 that growth in condo prices in Canada outpaced the rise in single-family home prices.

We have seen plenty of rain this summer, almost as much as we have listened to the media, which continues to report a cooling market, but there are great buys out there. The art of negotiating is upon us. We are seeing a shift in the market but the sky is not falling. Overall, prices are still up but expectations need to be managed.

How lucky are we to live in a country as cool as Canada! Happy Canada Day eh!

Here Are The Top Five Trending Stories Of The Week:



Warren Buffett’s company buys into Toronto-based Home Capital

“Home Capital Group hopes a deal with Warren Buffett will help it win back depositors after it was announced that the legendary investor’s Berkshire Hathaway will buy a significant stake in the company for $400 million and provide a $2-billion line of credit.”




West Queen West has built six new hotels — for bees

“The West Queen West Business Improvement Association (BIA) is taking steps to attract new blood to the area by building a series of free hotels. The only catch? You have to be a bee to stay there.”



Realtors want those who break the rules tossed out

“For most young families, buying a home is the largest transaction they’ll ever make.”




How laneway housing could ease Toronto real estate woes

“With the ongoing housing crunch in the GTA, laneway housing deserves a look as a potential way to help increase supply and provide much-needed rental units.”



Hamilton ready for its close-up

“I love real estate and have bought and sold a number of properties over the years. Rule number one for us has always been: never fall in love with your assets. Rule number two: the day we move is the day we get the home ready to sell. Now, it doesn’t happen overnight, but over time, we focus on getting the biggest bang for our real estate buck. We just never know for sure when we will sell next.”