MARKET UPDATE FOR THE WEEK ENDING AUGUST 26TH, 2016 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale


30 August 2016
Bosley Real Estate

Webster’s Dictionary has two definitions for the word “drought”. The first is a long period of time during which there is very little or no rain and the second is a prolonged or chronic shortage or lack of something expected or desired. Toronto, it seems suffers both. Not only has it been the driest summer in recent memory, we are also suffering through the longest listing drought on record. Maybe there is some good news on the horizon; It is bound to rain eventually and the fall market is closing in. The question is... will it be enough to quench our housing desires?

The freehold sector reversed an earlier trend of increased listings by recording a slight 13.7% drop in available homes while also recording a 6% increase in sales. This was slightly lower that the sales target we predicted last week however competition for those homes was up. Last week almost 67% of home transactions were at or above the list price. That number is 15% higher than for the same period last year despite having virtually the same number of sales. We love witnessing the condo market’ s continued success.

Listings remain unchanged from the prior week yet sales backed off marginally (3.6%). Despite the slight reduction in the number of sales, over 40% of suites traded at or above the list price. If you really want to get a true picture of today’s condo market in the 416 consider that one year ago there were 220 more listings than there were last week, 100 fewer sales and less than 17% of suites sold at or above the list price.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally 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 reflect the true temperature of the real estate market.

Here Are The Top Five Trending Stories Of The Week:

Lender warns over rising household debt

Canadians are borrowing more as low interest rates help drive a thirst for credit. Non-mortgage loans increased in the second quarter of 2016 according to RBC, especially auto loans and lines of credit where balances grew 2.6 percent from the same period of 2015.

Buyers say they’re willing to pay extra for ‘smart’ homes

Could “smart-home” technology — features such as network-connected thermostats, security devices, appliances and lighting — help you sell your property faster and for more?

Canadian banks brace for more oil loan losses, housing threat in latest quarter

Canada’s biggest banks are set to report another increase in losses from loans to oil and gas firms in the latest quarter, while concerns about inflated house prices threaten to cloud their future prospects.

High-rise living increasingly part of GTAs high-priced housing

High-rise living and sky-high home prices aren’t just for downtowners any more.

Forget The ‘Canadian’ Housing Market - It Doesn’t Exist

A few months ago, we wrote about why 2016 was a good year to buy a home in the Canadian market. In fact, we listed five reasons