Market Update For The Week Ending January 10th - 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 January 10th

10 January 2014
Bosley Real Estate

Welcome to 2014. We can safely claim to have survived another strong year in real estate despite what the doomsayers were hoping for. Still, the weather Gods continue to test our resolve. Remember the Summertime floods? It seems that no sooner had we dried out our basements that Toronto got hit with ICESTORM 2013. It looks like we will be paying for this one for a while too - frozen pipes, ice damage, downed trees. On a positive note, the kids are back at school and ice skating to work has never been better.

It should come as no surprise that our first market report of the year, carries with it the typical post-holiday statistics. While the Fall market was busy, sales tapered off slowly into late December. Freehold listings are down by nearly 50% from a month ago and while sales in the central core were as strong this week as they were last month, the bidding wars are less prevalent . Both east and west districts witnessed only about 1/4 of their usual sales activities. From our perspective, we see a lot of agents already preparing new listings for the market so this temporary “shortage” of new listings is not going to last.

As we have found out last year, the condominium market behaves much differently than its cousin the freehold market. This segment can change on a dime and take much of its directional influence from global financial trends. Clearly, investors form a significant portion of condo ownership in Toronto and these investors don’t concern themselves with seasonality. Listings across the core were only down 15% from a month ago but the number of sales remained uncharacteristically high. Recent reports predict as many as 20,000 new condo suites will be delivered in the city in 2014. We will be watching, with interest, to see what effect this will have on the overall health of the condo market.

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:

Key Takeaways for Canada's Housing Market in 2014 

Another report from the real estate industry published Thursday points to a robust housing market across the country this year, countering the growing view held by international experts that home prices are overvalued – and by some estimates, severely so

Toronto Home Prices Up Almost 9% From Last Year At $520,398 

“After a slow start to the year, sales growth accelerated to a brisk pace in the second half of 2013,” Toronto Real Estate Board president Dianne Usher said.

Four Changes CMHC Needs To Make to Rein in its Mortgage Market Influence

My nomination for the understatement of the year goes to Finance Minister Jim Flaherty, who in early December observed that “regrettably, CMHC became something rather more grand I think than it was intended to be.”

'We Could Have a Larger Surplus' Than Forecast, Flaherty Says

The federal government could unveil "a larger surplus" than it has anticipated when it gets the books back to balance in 2015, Finance Minister Jim Flaherty says.

2013: A Red-Hot Real-Estate Odyssey

If I had to sum up the 2013 Toronto real-estate market in as few characters as possible, I’d probably settle on a giant question mark. Even as an agent, I am still mystified by how the heck the market kept booming these past 12 months. So what can we expect going forward?