MARKET UPDATE FOR THE WEEK ENDING SEPTEMBER 16TH, 2016 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale


20 September 2016
Bosley Real Estate

Ah September. Our favourite month. It’s not just the hot days and cool nights, or the pennant race or even the fact that pro football is back. For us, September means more listing and sales activity and after a traditionally slower August, its time to open the floodgates of new property inventory. It’s not a minute too soon either. August inventory levels where challenging at best.

Have you ever turned on a hose and put your thumb on the end? as the pressure builds up it gets more difficult to contain the water. When you finally let go, the initial blast is really strong. That pretty much sums up the market this month. Listings have slowly been increasing, including a 16.8% increase last week. This was hot on the heels of a 41% increase in listings the week before thereby causing a significant rise in reported sales. More choice generally means decreases the number of multiple offers however pent up demand has counter acted that theory and as a result we saw a 10% increase in sales at or above the list price (to 72.8%).

After a brief spike a few weeks ago, it seems that listings have tailed off a bit last week, decreasing by 15.8%. It is interesting to note that in the central core, listings are decreasing in the $400-$700k category while increasing in the $1.5- $3M range. Overall, demand is still very high across the 416 however and as a result of fewer listings we saw a 61% increase in sales over the same period with a record setting 44% of condos being traded 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:

In the housing market, foreign buyers are given a different set of rules

It has long been suspected that Canadian banks were playing a less-than-honorable role in the foreign investment rush taking place in the country’s real estate market. Now, questions about precisely how they have been helping fuel the obscene rise in house prices in places such as Vancouver and Toronto have been partly answered.

Should house hunters buy or sell first?

Buying a home can be difficult. House hunters must save for a down payment, may face bidding wars and even forgo conditions once considered staples of a home purchase offer, like financing or an inspection.

Short supply of housing listings in Toronto area points to an uneasy fall

Real estate agents are bracing for even greater tension in the housing market this fall, as buyers joust for houses in the Greater Toronto Area and listings have shrivelled.

Household debt now larger than Canada’s GDP as mortgage borrowing mounts

The average price of a Canadian home increased by 5 per cent to $456,722 in August.

Household debt now larger than Canada’s GDP as mortgage borrowing mounts

The amount Canadians owe compared with how much they earn hit a new record in the second quarter, driven in part by the country’s hot housing markets.