MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 11TH, 2016 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale


17 November 2016
Bosley Real Estate

Did you survive Trumpaggedon? Withstand Trumpocolypse? Whatever the side of the fence you stand on, at least on this side of the border, life as we know it hasn’t changed much over the last few weeks. And while we don’t yet know what a Trump presidency is going to look like yet, or how it will affect us here in the north, our hope is that reason and calm markets will prevail. So far so good.

The freehold sector did not see much change in the number of new listings last week; however sales dipped by about 38% from 173 the previous week to 125. This drop is consistent with declines in sales over previous years and is more a statement of the approaching winter market than uneasiness in the US federal election outcome and continued adapting of the new Canadian mortgage rules which are likely only playing a small role. Still, sentiment for home ownership remains strong as nearly 65% of home transactions in the 416 sold at or above the asking price.

If you thought living in a condo was just a passing were wrong. The condominium market is having a hard time keeping up to demand. Compared to last year at this time new condo listings are down 20% while sales are up 30%. If you think those numbers are exciting, consider that nearly 45% of transactions are happening at or above the list price compared to a mere 20% last year.

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:

How Trump’s win will affect Canada

Donald Trump’s ground-shaking election win sent shockwaves around the world, jolting markets and stunning political leaders around the globe. America’s neighbours could feel the effects more than most.

American searches for Canadian real estate spike

“Moving to Canada” became a standard response from many Americans when asked what they would do if Donald Trump won the presidency. They weren’t joking, according to the number of visits to a Canadian real estate listings web site, Point2Homes.

Toronto, Vancouver markets stay hot as Canadian housing prices rise 0.2%

Canadian new housing prices rose by 0.2 per cent in September from August, the 18th consecutive increase, on continued strength in the major markets of Toronto and Vancouver, Statistics Canada said on Thursday.

'Small change' to help Toronto's first-time home buyers: Wynne

Ontario Premier Kathleen Wynne says her government’s plan to help first-time home buyers get into the red-hot Toronto housing market consists of “minor adjustments,” not a major change.

Ontario will not impose foreign buyer tax

Ontario will take steps next week to deal with rising house prices in the Toronto area, but it will not follow British Columbia’s lead and impose a tax on foreign buyers.