Market Update For The Week Ending November 8th - 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 8th

08 November 2013
Bosley Real Estate

How are the Toronto Maple Leafs like the real estate market? We know that no matter how well the Leafs did in the early Fall, they just can't keep such a hot pace. But take heart real estate fans, while the market is slowing down there is still plenty to cheer about. This is simply another typical seasonal adjustment that happens beginning each November and December for as long as we can remember. And to paraphrase our illustrious mayor, " nothing to see here Folks".

In the freehold sector, new resale listings fell by 11%. This extends the trend into its eighth week in a row. As expected, sales are also slipping at a similar pace, but there is one standout measure of continued health, homes selling at or above the list price have edged up even higher than last week, hitting over 55%. This is most evident in the first time buyer category (those homes priced between $400k and $700k) where 2 out of 3 homes are sold in multiple offers. One!

The number of new resale listings in Toronto's condo market remained relatively unchanged this week but the numbers are a little deceiving. While available units are down in the east and west cores, there was a significant jump in the central core. We see the news of an improving condo market (filtering down to a primarily investor based ownership) as the likely reason for this increase. While sales have also backed off, one of the key metrics we continue to watch is the percentage of suites sold at or above list price. In the summer the percentage hovered in the single digits, but has continued to climb, reaching 23% last week. While only down slightly this week, condo sellers should take note that nearly 1/4 of well-priced condos are getting lots of buyer interest.

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:

Amid Condo Glut, Toronto Developers Luring Buyers With Fat Discounts

Toronto condo developers are ramping up efforts to attract buyers, offering their biggest incentives yet amid a market glut.

Across The Country, Real Estate Resilience Persists

Canadian house sales continued to be strong in October, and economists are watching to see if the strength persists through to the new year.

Neighbourhoods Ranking

In a city with so many great pockets, and many more improving faster than you can say gentrification, the competition for the title of Number One Neighbourhood is cutthroat.

Are There Real Estate Bargains To Be Had In The Off-Season

My advice for anyone looking to purchase a home is to make your decision based your personal needs and wants. If you have a bargain shopper’s mentality, you will likely have regrets down the road.

GTA Housing Buoyed By Parents Helping Young Buyers

'Gift letters' have become a common form of currency as young buyers struggle to save down payments.

7 Easy Ways To Cut Your Heating Bill

Small changes in habits can save the average homeowner as much as $770 a year on their energy bill, according to Direct Energy.