Market Update For The Week Ending November 22nd - 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 22nd

22 November 2013
Bosley Real Estate

Last week both Buyers and Sellers were riveted to CP24 as news of our Mayor’s behavior continued to unravel. As a result, Toronto’s real estate market produced one of the most boring weeks of the year. This week we are in much better spirits. Life is returning to normal (sort of) and we are much happier watching Jon Stewart and Saturday Night Live Mayoral spoofs instead.

Now, back to business. If you’ve lived in the city more than a couple of years then you’ve already recognized the pattern. Listings go up in the spring and down by the end of the fall. Sure there are a few blips, due to heat waves, long weekends, and mortgage rate drops but the pattern seems to be fairly consistent. So it should come as no surprise that listings are down…..AGAIN. In the freehold sector available listings are down 5% this week and while sales are also down by the same amount, we are also happy to report that sales at or over the asking price has increased by 6%. While still not at the high of the year, Toronto remains the envy of the World’s Seller’s market with a remarkable 46% of sales happening at or above the asking price. This is not a function of low pricing rather, the strong demand!

After a short lived increase in listings last week, the condominium sector reported a 5% drop this week but unlike its freehold cousin, sales increased by a whopping 15%. Wow. For us though, our key metric for condo market health remains the percentage of suites selling at or above the list price. Again, while not at the high water mark set earlier in the fall, we are still seeing nearly a quarter of all condos sold in a bidding war this week and over 70% of listings surveyed selling at between 98% and 99% of the asking price.

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:

The Threat To - And From - Canada's Housing Market

A pair of reports released Tuesday morning suggest potential trouble ahead for the Canadian housing market. As Tara Perkins reports, Fitch Ratings estimates that home prices in Canada are now about 21 per cent too high.

Canadian Home Prices In For A soft Landing, Could Fall 10 Per Cent: Report

Sky high prices in the Canadian real estate market won’t be climbing for much longer, says a report by global rating agency fitch ratings.

Jim Flaherty Vows To Intervene In Housing Market Again If Needed

“We have to watch out for bubbles – always – in markets around the world, including our own Canadian residential real estate market, which I keep a sharp eye on,” Jim Flaherty said today in Edmonton, where he unveiled his fall economic and fiscal update, The Globe and Mail’s Carrie Tait reports.

Dollars And Sense For Income-Property Owners

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.

New House Prices Fall, But Real Estate Sector Still Strong

After rising steadily since 2008, Statistics Canada’s new housing price index has flattened out in September, following on a 0.1 per cent increase in August, but a new report says that’s no cause for concern as Canadian real estate development will remain strong.