MARKET UPDATE FOR THE WEEK ENDING JUNE 5TH , 2015 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale


09 June 2015
Bosley Real Estate

Hard to believe we are half way through 2015 already. If that thought is depressing, don’t forget that the best is yet to come. Sunshine and heat waves are in our future and while still sizzling, there are signs that Toronto’s real estate market has backed off from the frantic pace that was the Spring market. That should come as some relief to those sitting on the sidelines waiting for the right time to purchase a new home.

The freehold market has reversed its month long trend by recording nearly 11% fewer listings last week. Sales followed suit registering almost 15% fewer transactions and the percentage of homes selling at or above the list price was a more reasonable 67.7% compared to 72% a month ago. Clearly the effect of less product is not causing increased bidding wars. Sales of freehold homes continues to be robust but there is less urgency in the market. The hotspots last week were the east and west cores of the city where nearly 80% of entry level homes ($400K-$700K) sold in multiple offers.

Last week the condo sector increased new listings by nearly 11%, one of its largest increases this year. Sales however backed off by a marginal 6%. The end result of more listings and fewer sales meant that the number of suites selling in multiple offers also backed off to 24%. This is still a solid number and a strong indicator that the condo market is extremely healthy. This week the hotspot has shifted west where nearly half of condos sold in the west core sold in multiple offers.

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 230 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:   

The Dirty on 'Density Creep' 

Urbanization, intensification, densification — call it what you will, in cities across Canada, density is a dirty word. Fears about “density creep” have divided Toronto, pitting those who hope to move into urban centres against some long-term residents afraid densification will crush their property values.

House Prices May Stay High in Canada: Here's Why 

A friend of mine sold her Toronto house because prices were so high. She didn’t want to get caught in the downdraft. If you’ve been listening to all the warnings from foreign banks about a Canadian house price crash, that sounds smart. But before you congratulate my chum on her forethought, you should know she made that decision several years ago.

Toronto Home Prices Soar: 'No Relief' to Meet Pent-Up Demand

Toronto home prices are surging, with no end in sight of satisfying the “pent-up demand.” Sales in the area climbed 6.3 per cent in May to 11,706 from a year earlier, the Toronto Real Estate Board said today, while the average price for all types of homes rose 11 per cent to $649,599.

Why the Sky Still isn't Falling on Canada's Real Estate Market

American economist Paul Samuelson back in 1966 famously said of the predictive power of stock markets that “Wall Street has correctly predicted nine out of the last five recessions.” These days, you could say much the same thing, in a different way, about the Canadian housing market.

Despite Lag in Detached Home Sales, Toronto Housing Remains a Hot Buy 

Americans in their 20s and early 30s are getting a nudge toward homeownership a decade after sales peaked during the housing bubble. It’s not their nagging parents. It’s rents. They’ve risen so much that buying is making more sense.