Bosley Real Estate Market Insight June 1st, 2018 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

Bosley Real Estate Market Insight June 1st, 2018

  • Bosley Real Estate
  • 11 June 2018

MARKET UPDATE FOR THE WEEK ENDING JUNE 1ST, 2018

The gardens are lush in Toronto, but real estate listings do not appear to be flourishing. That seems to be what agents are complaining about these days. Residential sales volume last month fell 21% in the City of Toronto, compared with May 2017. The decline in listings is helping keep prices stable despite weak sales. The average house price is still on the rise, but we saw a very small dip last month. Indications are emerging that there is increasing competition and bidding wars for available homes, which generally leads to a price increase. If you were thinking of buying in January and are still looking you will have to pay $100,000 more now!

2018 AVERAGE SALE PRICE FOR CITY OF TORONTO

January: $766,616 February: $806,494 March: $817,642 April: $865,817 May: $861,970

The freehold market last week saw a 36% dip in new listings compared to the week before, but the number of sold properties was up by a whopping 52%, and of those, 60% sold at or over the asking price. The east end of Toronto again defies us all with 80% of sold properties selling in bidding wars.

The condo market is exhibiting some very "freehold like" characteristics as well. There were 17% fewer listings last week on the market but we were excited to see a 37% spike in sales week over week. Of those recorded sales, nearly 58% sold at or above the list price. Increasing demand continues to push condo values higher with the average condo price at $602,804, up 6.5% from May 2017.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge 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:



U.S. real estate website Zillow will start posting Canadian homes

“U.S. online real estate giant Zillow has announced it will post Canadian homes on its site through a direct listing feed from Century 21 Canada.”




Sky High - A real estate roundtable on the state of the condo market

“Cranes in the sky, giant pits in the ground. Condos are popping up everywhere, and no parking lot is safe. With most houses in the GTA out of reach, condos have become the new starter home, the downsizer’s destination and a great investment for overseas buyers. But how do you pick? New, old or not yet built? And when’s the right time to invest? We invited an economist, a developer and an agent for lunch and asked them about interest rate hikes (are they coming and what havoc will they wreak), family-sized units (and why we don’t have them), the OMB (a force for good or evil), the Bank of Mom and Dad, Trump, NAFTA, where the smart money is, and lots more..”



Boomers bump Ontario cottage values

“Ontario cottage prices are heading north this year according to a report from Royal LePage that forecasts a 10.4 per cent year-over-year increase in Ontario recreational property values this year, despite a softer housing market in urban areas.”




69% Of Torontonians Say Housing Issues Will Affect Their Vote

“A majority of voters in the Greater Toronto Area say they want Ontario's next government to do away with the province's land transfer tax, according to a poll.”



Year-over-year housing sales in GTA down 22.2% in May

“The Toronto Real Estate Board says May home sales in the GTA were down 22.2 per cent compared with the same month last year.”