MARKET UPDATE FOR THE WEEK ENDING JANUARY 27TH, 2017 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale


27 January 2017
Bosley Real Estate

Just for the record, we don't use any alternative facts in our market updates. In fact, we swore an oath to accurately reflect the size of the market so that our clients could make informed decisions. No need to proclaim any national holidays in our honour, just know that when you hear it from us it's the real deal....nothing fake about what we report. We will continue to march on.

Listings in the freehold sector retracted significantly last week from 114 new listings two weeks ago to a mere 67 last week. Surprisingly, sales nearly doubled to 65 units over the same period. Less availability created a sharp rise in the number of homes selling at or over the list price (72%). Over the past few years we have not seen this level of activity until well into the spring market (usually April/May) before it falls, and remains below, the 70% point from around mid August.

The resale condo market is experiencing similarities to its freehold brother. New listings for the week are down nearly 50% to 189 across the 416 while sales have increased by nearly 30%. Tighter supply and more sales has constricted the market and now we are reporting a new record in terms of sales at or over the list price. While the percentage has been tracking higher all year our research indicates we are now hovering at 55%. Clearly we are in a seller's market for condos in Toronto.

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:

CMHC to hike mortgage insurance premiums starting March 17.

The Canada Mortgage and Housing Corporation will charge borrowers a few dollars more every month to insure their mortgages, starting in March.

A history of Toronto real estate peaks and crashes in charts

Greater Toronto Area real estate has seen a number of boom-and-bust cycles over the years, and a local realtor has charted half a century’s worth.

New rules making themselves felt in national home sales

A strong first half followed by a major slowdown in the final months characterized the Canadian housing market in 2016, the Canadian Real Estate Association (CREA) stated in its latest report.

Toronto detached home prices cool off more than they have in 2 years

The Toronto Real Estate Board says 2016 was the second consecutive year of record home sales. Marianne Dimain reports.

Housing to become a less influential force in the national economy this year

Canada’s real estate sector will not be able to boost the national economy in 2017 as much as it did in previous years, BMO economist Robert Kavcic predicted.