Market Update For The Week Ending November 1st - 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 November 1st

01 November 2013
Bosley Real Estate

Hypothetically, if you were to knock on the door of the Toronto Real Estate Market and ask “trick or treat” what answer would you get? Given our research, all signs point to TREAT! While our mayor might have a different answer there are still lots of things to celebrate where the market is concerned. We don’t foresee buyers or sellers slipping into a sugar induced coma anytime soon. Buyers still outnumber sellers although, as much as we hate to say it, winter is right around the corner and within the coming few weeks we will most certainly declare the 2013 Fall market officially over.

Take, for example, the condo market. For the past seven weeks, resale condo listings across the city have been declining by as much as 28% in the central core and 12.5% in the east yet sales have, for the most part, remained unchanged. Here’s something to keep an eye on….Over the last seven weeks the number of sales at or over list price has have been inching up from as low as 17% to nearly 24% now. We are not ready to declare the condo market in tip top shape just yet, but it seems the patient is expected to survive.

Much to our surprise the freehold market is exhibiting the same habits as the resale condo market. The number of available listings has slowly been declining since the start of the fall market. While there was a slight uptick at the end of September and into early October, listings are down by about 25% across the Toronto core. The number of sales has been unchanged with an average of 47% of the properties sold happening at or above the list price.

The rental sector of Toronto’s real estate market continues to show strength. With a vacancy rate at 1.4% (according to TREB) and the largest share of condo apartments for rent (in the GTA according to CMHC), landlords continue to reap the rewards of a growing downtown population. Bosley Real Estate is a full service boutique brokerage operating in Toronto and Niagara on the Lake since 1928. We have 4 centrally located offices and over 220 sales representatives selling and renting homes and condominiums in all the vibrant communities across the city. 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.

Here Are The Top Five Trending Stories Of The Week:

Hidden Costs Of Sprawl Will Cripple Cities, Report Says

You can`t run a business without running the numbers, so why don`t cities count the long-term costs of suburbia, asks author of report on sprawl.

Toronto Detached Home Prices Hit Record As Condo Gap Widens

George Carras: House shortage drives prices beyond the reach of most young families.

Toronto Buyers Say: 'Put That House On Hold'

As September came to a close, it’s almost as if house hunters in Toronto hit “pause.” Patrick Rocca, broker at Bosley Real Estate Ltd., sensed it in the bidding wars that didn’t materialize and more muted activity in general. “I’ve noticed it in the last week.”

Commercial Real Estate A Hot Commodity In GTA

Shortage of apartment buildings, industrial complexes and storefronts for sale driving up prices.

Canada Won't Interfere In Housing Market - For Now: Flaherty

Flaherty said that it would be his department’s responsibility to act on housing prices since the Bank of Canada has “basically no room to move,” but added: “I have no intention of interfering in the market for the time being.”