Bosley Real Estate Market Insight March 16th, 2018 - 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 March 16th, 2018

23 March 2018
Bosley Real Estate

Is it really true that Facebook users are signing off? Have we all been hacked? That seems to be the big news this week. Real estate news has taken a back seat in the headlines. Listings have become relatively tight and with spring break last week for schools, the activity and hustle seemed to come to a stand still. Many agents are anxious to see if listings will become more plentiful after the Easter holidays. The demand is high, but the consensus seems to be, let's wait until after Easter to list.

The freehold market continues to tighten with a further drop of 45% in available listings since last week because of the spring break. Given fewer listings, we aren't surprised that the number of sales slipped by 37%. There is no surprise that of those properties sold, 43% sold over the asking price. The number of new listings was flat across all neighbourhoods last week.

The number of new condo listings continued to contract last week while demand and sales were up 15% from the week before. 18% fewer listings week over week created increased competition which resulted in 50% of available condos selling at or above the list price. Condos cost $814 per sq. ft on average in February, compared to $652 per sq. ft a year ago.

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

Tight supply drives up new house prices and condo values in February: Report

“There is little relief so far this year for first-time buyers in the Toronto region looking to purchase a new construction home.”

Canada House Price Index Shows Declines In Majority Of Cities As ‘Correction’ Sets In

“The impact of rising interest rates and Canada's new mortgage rules took a toll on the country's housing market in February, with prices falling in the vast majority of major cities.”

After plunge in early 2018, sales of high-end homes expected to post moderate gain in spring

“The first months of the year have seen a deep plunge in sales of high-end homes — a real estate category that is supposed to be largely immune to the day-to-day policy jitters and new lending rules that inhibit the average buyer.”

Aging Vancouver home listed for $6.98M

“Sure it’s nearly 100 years old, rundown, with fencing covered in mildew and moss. But it’s the location, location, location that could make a family home up for sale in downtown Vancouver worth its nearly $7-million price tag.”

Lakeview lands sold to developers for $275M

“The Lakeview lands in Mississauga have officially been sold to developers for $275 million in the latest step toward the transformation of the city’s waterfront.”