Bosley Real Estate Market Insight July 28th, 2017 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

Bosley Real Estate Market Insight July 28th, 2017

03 August 2017
Bosley Real Estate

The dog days of August are upon us. The weather is finally hot, hot, hot and sipping drinks on a patio is where we all want to be. Listings are slowing down but last week sales were slightly up by 8%. There was a significant increase in open house traffic last weekend and agents are seeing more appointments being booked on their listings. Stories around the office of properties that had 9, 16 and 18 offers this week got everyone all talking. Is pricing low to generate offers the way to go?

Some agents believe to list with an asking price close to market value and accept offers anytime and some believe to list low and set a date for offers. The latter seems to be happening again. It’s too soon to tell if a flurry of sales signals a trend that some buyers simply need to move on with their lives.

The July resale housing market figures were just released for the GTA, and results show we were down 40.4% in sales on a year-over-year basis and listings were up slightly (5%) above last year. The average selling price for all home types combined was up by 5% from 2016 to $746,218. Sumer market statistics are often not the best indicators of housing market conditions. “Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve.”, said Mr. Syrianos, TREB president.

Here Are The Top Five Trending Stories Of The Week:

Genworth hit hard by new mortgage-insurance rules

“New mortgage-insurance rules announced in 2016 by the federal government are taking a toll on new-business growth at Canada's largest private-sector mortgage insurer.”

Average price of a Toronto condo cracks $500,000

“The condo is continuing its ascent of the Toronto area real estate market with the average price of re-sale apartments cracking the $500,000 barrier in the second quarter this year.”

A new ‘watchdog’ on the realty block

“The Ontario Real Estate Association (OREA) is calling for tougher fines for realtors who break the rules and updated industry standards for transactions where the same agent acts for the buyer and seller.”

Inside the new Broadview Hotel, an ex-flophouse turned boutique hot spot

“For decades, the 125-year-old building at the corner of Queen and Broadview was home to Jilly’s, the seediest strip club in the city. After the premises were vacated in 2014, Streetcar Developments bought the building and gave it a $25-million, three-year makeover, with 58 designer rooms, a new bar and a glorious rooftop patio.”

Buyer who walked away from real estate deal ordered to pay $360K

Buyer who walked away from real estate deal ordered to pay $360K “The B.C. Supreme Court has ordered a buyer who walked away from a Surrey, B.C., real estate deal last summer to pay the sellers more than $360,000, or six times his original deposit.”