Market Update For The Week Ending January 9th - 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 9th

13 January 2015
Bosley Real Estate

Happy New Year and welcome to the first market insight of 2015. Every week our researchers pour through the listing and sold data posted on the Toronto Real Estate Board and separate out all the downtown statistics. Don’t bother waiting for those pesky and stale monthly reports, after two years of doing this you would be surprised at some of the trends we see and since we are analyzing the numbers fairly regularly, the information we provide is as near real time as it gets.

If you are a fan of auto racing then you would be familiar with the term “Gentlemen, start your engines”. That’s about where we are right now. New listings are at a two year low having dropped another 27% from last month. In addition, Downtown Toronto only registered 38 sales last week (by comparison, we had over 200 sales in a week during the top of the Fall Market). Clearly there is no rush to buy as only 5 of those homes sold at or over the asking price. Here’s the good news; Realtors are revving up for a busy early Spring Market. Our offices are busy shooting video, getting home inspection reports ready, and talking up hot new listings.

We are finding the resale condominium sector a little more interesting. Over the last month, new condo listing shot up nearly 30% with the bulk of the increase coming from the entry level suites in the central core. While sales are also down, there have been a number (16.3%) of suites selling at or above the list price. If history is any indication, we will see a lot more product coming on stream over the next few weeks.

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.

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