Market Update For The Week Ending October 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 October 24th

28 October 2014
Bosley Real Estate

Turns out that last week’s less than stellar real estate numbers were not just the result of a minor blip in the stock market. We have identified the main culprit….turkey hangover. Yes, that key ingredient of the bird itself, tryptophan, doesn’t just make you sleepy it makes you slower to buy. How do we know? Well this week that nasty amino acid has dissipated and buyers and sellers have returned in full force.

Freehold listings improved by 8% last week, reversing a 4 week trend towards lower listings. With, albeit, a few more listings to look at, buyers have hit the streets again causing a 12% increase in sales and moving the needle on multiple offers from a year-long low of 45% to nearly 65%. Nowhere is the activity more apparent than in the east core where first-time buyers have been actively looking to break into the market forcing 7 out of every 10 listings to sell at or over the list price.

We also witnessed a slight increase in resale condominium listings last week. While the increase was only marginal (3%), sales rocketed up by 26% from the previous week. It is interesting to note that multiple offers have not backed off either with over 20% of the sales happening at or above the list price. Once again, the most active markets remain the east and west cores, both in the $400k-$700K range.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 220 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized thanks to our unique affiliation with Leading Real Estate Companies of the World. 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:                       

Developers Shifting Sights to Two-Bedroom CondosDevelopers Shifting Sights To Two-Bedroom Condos

More of units now up for sale are aimed at young families who can’t afford houses, report says.

Bank of Canada raises red flags over Toronto, Vancouver, Calgary Housing MarketsBank Of Canada Raises Red Flags Over Toronto, Vancouver, Galgary Housing Markets

The Bank of Canada is raising red flags about the Toronto, Calgary and Vancouver housing markets.

CMHC: We Don't know how many foreign investors are buying canadian homesCMHC: We Don't Know How Many Foreign Investors Are Buying Canadian Homes

Canada’s government-run mortgage insurer has admitted it has little grasp on how much of the housing market is now owned by foreign investors, but insists the issue is not a problem.

BMO Fall Home Buying Report: Two percentage point rise in interestrates would strain affordability for majority of home-buyersBMO Fall Home Buying Report: Two Percentage Point Rise In Interest Rates Would Strain Affordability For Majority Of Home Buyers

The majority of Canadians currently in the market for a home would be forced to change their buying plans in the event of a two percentage point rise in interest rates, according to survey results in a BMO Home Buying Report released today.

Why are condos still being built in Toronto, Calgary and Vancouver?Why Are Condos Still Being Built In Toronto, Calgary And Vancouver

Kevin is a 27-year-old Vancouver resident who makes about $50,000 a year as a graphics designer and has $520,000 worth of debt — an amount he feels quite at peace with.