MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 18TH, 2016 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale


23 November 2016
Bosley Real Estate

Here we go. The Santa Claus Parade is the definitive Toronto tradition and if that didn`t signal the start of winter then this week`s little blast of cold air sure did. Despite the temperature drop there is no sign that the real estate market is slipping into hibernation just yet. We know there are many frustrated buyers out there but we would encourage them all to keep looking. If you are contemplating putting your buying intentions on hold you will pay the ultimate price when prices escalate in the Spring...just like they did last year.

The number of new listings in the freehold sector dropped by 9% last week to 220 units. Sales jumped by 15.2% in the 416 and activity was higher with 65.3% of homes trading at or above the list price. Surprisingly the number of sales is nearly identical to the same period last year however competition amongst buyers was not as fierce as only 49% of homes traded at or above the list price. The resale condo market continues with its torrid pace. Listings last week increased by 3.4% and sales decreased by 3.1%. Despite a slight widening in the listing to sales gap competition for suites increased as nearly 50% of sold condos traded at or above the list price.

One thing we have been noticing is the number of offers on larger suites has increased dramatically. While this piece of data is not generally reported, our company sells enough condos to have anecdotal data which shows that some condos are receiving as many as 6 offers and it is not surprising to see a suite sell above 110% of 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:

Average Canadian home sold in October for $481,994, up 5.9% from year ago

October was another record month for Canadian real estate, even as the average price increased by a relatively modest 5.9 per cent. The Canadian Real Estate Association said Tuesday that the average selling price of a Canadian home sold last month was $481,994. That's almost six per cent higher than the average in October 2015, a pace of growth that's well under the double-digit gains seen earlier this year.

TD Bank joins RBC in hiking fixed mortgage rates

TD Bank has quietly increased its fixed mortgage rates ahead of a similar move by Royal Bank of Canada to take effect Thursday, the latest sign that Canada’s big banks are hiking the costs of borrowing for homeowners.

‘Sudden’ spike in interest rates could trigger housing crash, unemployment spike: CMHC

A “sudden increase” in interest rates could send house prices crashing and unemployment rates soaring, data released Thursday by the Canada Mortgage and Housing Corporation (CMHC) suggests.

Worry about supply — not demand — in Canada’s overheated property market, says former BoC governor David Dodge

In 2006, in the middle of one the hottest years on record for Canadian housing, then Bank of Canada Governor David Dodge sent a testy letter to his counterpart at the country’s mortgage insurer warning about lax standards fueling demand for homes. Today, Dodge has new words of caution: worry more about supply.

Higher down payments could be on horizon as danger of Canadians’ debt grows, CMHC warns

The head of Canada Mortgage and Housing Corp. has opened the door to the possibility of increasing the minimum down payment needed to buy a house, though a change is not currently on the table.