Market Update For The Week Ending November 15th - 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 15th

15 November 2013
Bosley Real Estate

Looking for chaos outside Toronto’s City Hall? Well don’t look to the real estate sector. Once again we take the “nothing to see here” approach. In fact this week may go down as the most boring week in real estate. In both the freehold and condo sectors, there was literally no change in the number of available listings. As the old saying goes…no news is good news. Insert Mayoral joke here.

In the freehold sector, the number of available homes remained the same but we did see a slight geographical shift between the east and the west. Listings went up by 12% in the West and decreased by 12% in the East. Sales followed a similar pattern with a decrease of about 15% in the East and a minor increase in the West. The Central core registered a minimal 5% decline week over week. We are seeing an overall slight pullback in sales occurring but at this point there should be no concern as our open houses are seeing a great deal of traffic. Sales at or over the asking price remain at 50% or higher in each core region.

The condominium sector has seen a very minor rise in available listings (1.2% week over week) but registered a healthy 21% increase in sales. Of those sales 24% sold at or above the asking price compared to 22% last week. We believe this is further good news for condominium owners downtown.

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:

Echo Boomers Set To Hit The Housing Market In 2016

It’s likely to be 2016 before the bulk of echo boomers — who outnumber their baby boomer parents — start packing up their rented downtown condos and moving into the new and resale house market, says the Canada Mortgage and Housing Corporation.

Jim Flaherty Vows To Intervene In Housing Market Again If Needed

Canada’s finance minister says he’ll intervene in the housing market for a fifth time, if that’s what’s needed, to head off any bubble.

What 2014 Could Bring For Canada's Real Estate Sector

The live, work, shop shift to the core is playing out across most Canadian cities and its impact will continue to be felt through a number of real estate sectors in 2014, says a new report.

Canada Consumer Confidence Extends Drop On Falling Job Security

Canadian consumer confidence fell for the fifth time in six weeks as the nation’s economy struggles to build momentum, according to the Bloomberg Nanos Canadian Confidence Index.

Strength Of Canadian Housing Market Surprises Economists

It’s increasingly looking like the strength that Canada’s housing market has been showing in recent months has staying power.