Market Update for the Week Ending January 24th - 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 24th

27 January 2014
Bosley Real Estate

Have you heard? The Toronto spring real estate madness is underway. Several significant home sales happened this week including 32 offers on a $650k house in the west end and 6 offers on a $2M in the central core. We were right in the middle of both offers with several of our agents. What’s causing this excitement? Simple math…pent up demand plus a lack of inventory. Well, as with any spring market, the tide seems to be turning on the inventory problems. Freehold listings increased to 289 units in the core, nearly 250% higher than the previous week while condo listings increased by 147 units (or a 73% increase) over the same period.

The pressure on available freehold homes appear to be easing although that seems hard to believe given the recent highlighted sales. Sales have kept a strong pace, with nearly double the activity over the previous week. The busiest part of town this week is the central core (in the $700K to $1.5M range) where over 50% of the sales happened in multiple offers.

Condominiums have followed suit with a rise in listings particularly in the slower moving higher end ($1.5M to $3M range). Though not as extreme as the freehold sector, we think it is prudent to keep a watchful eye on inventory levels over the next few weeks. Sales remained strong however with a jump of 70% across the core this week and nearly 20% of those sales occurred at or above the list price.

We also want to make our readers especially aware of our recent inclusion in The Leading Real Estate Companies of the World. This relationship gives us and our listings global exposure to over 500 of the finest residential real estate firms which produce more annual sales than any other affiliation or network. This is a truly exceptional honor for us.

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.

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