MARKET UPDATE FOR THE WEEK ENDING OCTOBER 20TH, 2017 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale


27 October 2017
Bosley Real Estate

Do you have at least 20 per-cent home equity and need a new mortgage? Are your housing costs more than a third of your gross income? If you answered yes and yes, then you should mark January 1, 2018 on our calendar. That's when our banking regulator's new mortgage stress test officially kicks in. And if you meet the criteria above, you may not qualify for as big a mortgage next year as you do today. Will this create a little mini boom? Two consecutive months of rising sales in August and September confirm that buyers are surfacing again and Sellers in the Toronto area seem more confident with more listings coming to market. Agents are predicting a small flurry of buying as people rush to ink a deal before the new requirements come into effect.

The freehold market saw a 15 per cent increase for new listings in all sectors with the east end leading the pack, up over 20 per cent in new listings and 75 percent of the sales in the east sold over asking with plenty of bully offers as well. The central core saw a small increase in new listings but a whopping 50 per cent more sold over the prior week. Bidding wars are up 40 per cent throughout all neighbourhoods.

In the condo market new listings were up 13 per cent with 285 new units up from 253 units from the previous week with the central core leading the way. The units sold were up 10 per cent with a small decline of condos selling over the asking price. Condos that are priced to sell are being snapped up within days of them hitting the market and the sweet spot are condos listed from $400k to $700K.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake 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:

Canada Revenue Agency Probing Pre-Construction Condo Flipping

“Canada Revenue Agency is analyzing 2,810 transactions involving cases of pre-construction condominium flipping in Toronto to determine whether audits need to be carried out to find tax evaders.”

Buyers regain confidence as Toronto real estate market rebounds from summer sales slump

“The uncertainty sparked by the introduction of Ontario's fair housing plan is starting to wane as formerly hesitant would-be buyers regain confidence that Toronto's real estate market is stabilizing again, analysts and realtors said Sunday.”

These Are Canada's Priciest Neighbourhoods, According To Century 21

“It costs $1,210 to buy a single square foot of living space on the west side of Vancouver, far and away Canada's priciest neighbourhood for residential real estate, according to a new survey from Century 21.”

CMHC raises concerns over growth in unregulated lenders

“New rules meant to cut out risky lending by banks in Canada are pushing home purchasers into the arms of unregulated lenders, the head of the nation's housing agency said on Friday, adding that steps could be taken to curb their growth.”

Google announces it will build Toronto`s neighbourhood of the future

“Google's parent company, Alphabet, is officially building a futuristic mini-city along a 12-acre section of Toronto's eastern waterfront.”