MARKET UPDATE FOR THE WEEK ENDING JUNE 19TH , 2015 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale


24 June 2015
Bosley Real Estate

Noted business professor Aaron Levenstein once quipped that ‘statistics are like a bikini. What they reveal is suggestive, but what they conceal is vital’. As big fans of statistics (and bikinis) we couldn’t agree more that’s why, every now and then, we like to look back a year and do a little market comparison to see if anything has changed. This week we “reveal” our findings.

It’s funny how everyone seems to complain about the lack of listings. The truth of the matter is that last year at this time there were nearly half as many freehold listings available on the market. Sales continue to be strong year over year although comparatively the percentage of sales to listings last week was 51.7% vs 72.1% for the same week last year. The numbers indicate that demand may have slipped until you also consider the fact that both weeks recorded the same percentage of deals happening at or above the list price (59%).

The condominium sector is more interesting. Available new listings are up by about 48% from the same week one year ago while sales are up by nearly 65%. Clearly the condominium sector has beaten all expectations. Where a year ago 20% of sales were trading at or above the list price, last week that number was 28%. Our research indicates that most of this is a result of first time buyers choosing condos over homes, due, in part, to affordability as well as lifestyle choices.

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:

Tell us, Stephen Poloz: What do you really think?

We may never know what the Bank of Canada governor is thinking, but U.S. Fed meeting transcripts help illuminate his tricky balance.

Gap between Toronto condos and low-rise homes jumps a record $100,000 from a year ago

There is no end in sight to the rising price of new low-rise homes relative to high-rise condominiums in Canada’s largest city, say Toronto builders.

Canada's housing boom sparks spinoff mini-booms

Canada’s housing boom is rippling through to related sectors, from renovations to gardening. As The Globe and Mail’s Tamsin McMahon reports, the latest statistics show home sales climbing in May to their highest in about five years, and average resale prices rising by more than 8 per cent over the course of a year.

Thought the real estate market couldn't get any crazier? Think again

How the overheated housing market is making everyone mean, petty, classist, greedy—even xenophobic.

Foreign investors in Canada's housing market need to be counted, experts say

There is scant data available on how many foreign investors are snatching up Canadian homes, and experts say the knowledge gap needs to be filled if policy makers hope to maintain the stability of the country’s real estate market.