Bosley Real Estate Market Insight June 15th, 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 June 15th, 2018

22 June 2018
Bosley Real Estate


Are we having a lackluster real estate market? Some of us might think that, but a house on Major Street in Toronto was listed for $999,000 and the other day received 20 offers and sold for $1,958,000! ! Yes, that's right 196% over the asking price. And then we scratch our heads wondering why some properties only get one offer, or no offers or rival bids but still get below asking? None of us have the answer why this is happening. Certain niche neighbourhoods and special properties are defying all odds. It's been an unpredictable market so far and now that summer has arrived, and the election is over it doesn't look like a slow down just yet.

Last week in the freehold market we saw 236 new listings, a very small 6% increase compared to the week before at 220 listings. As we approach Canada day, new listings will drop off as it always happens when there is an upcoming holiday. There was no change with the number of sold properties from the prior week but in the central core 63% of properties sold above the asking price, and once again in the east end (Riverdale and Leslieville) of the 51 properties that sold, 41 or 80% sold at or above the asking price.

Like the freehold market, the condominium sector is behaving in a similar manner. Virtually no change from the previous week with 332 new listings. For a second week in a row we seen a decline in sales by 13%. The key indicator of the condo market health has to be the percentage of suites selling at or above the list price. Last week that percentage was at a very encouraging 55% level.

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:

Online brokerage TheRedPin closes its doors

“Toronto real estate start-up TheRedPin has closed its doors and is now in the hands of a receiver. The small online real estate brokerage had, in the last year, been working on a tech-based re-boot that its most recent CEO Keith McSpurren hoped would, using software and artificial intelligence, transform the real estate transaction for consumers and agents.”

Green Ontario cancellation leaves homeowners, industry scrambling

“Anxious homeowners were checking with their window installers Wednesday, after incoming premier Doug Ford announced he was cancelling the Green Ontario Fund.”

Debbie Hanlon faces criticism for real estate ads featuring prisoner of war

“St. John's Coun. Debbie Hanlon is coming under fire for her use of images of a prisoner of war in a marketing campaign promoting her real estate business.”

Toronto market seeing first signs of stability - analysts

“In its report on national home sales numbers as of May, the Canadian Real Estate Association pointed at a 1.6% month-over-month increase in Toronto residential transactions – a development that analysts said was the “first sign of stability” in the long overheated market.”

Decline in Ontario home prices unlikely to persist: CMHC

“The recent easing of home prices in Ontario isn’t expected to last long, thanks to solid economic growth projections and rising interest rates.”