Bosley Real Estate Market Insight - May 3rd, 2019 - 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 - May 3rd, 2019

03 May 2019
Bosley Real Estate

Ok mother nature why are you playing games with us? It says May on the calendar but feels more like March. What gives? Rain, strong winds and cold weather is messing with our business. As we transition from this dreary weather to sunshine and cherry blossoms, the Toronto real estate market remains fickle. It’s hard to predict which properties will be snapped up and which will languish. What we may be seeing is a move towards more realistic pricing and less of setting a low asking price and letting the market show us the true value. All the more reason to make sure you hire a Realtor that knows how to properly price and market a property. 

The freehold market recorded a solid 54% increase in new listings last week. It is normal at this time of year to see an increase in listings as the Spring market hits its stride. The increase is widespread across the entire core of the city but most prevalent in the $800K-$1.5M price range. In the exact opposite trend, the number of sold properties dropped 17% last week but a strong 61% sold at or above the list price. The slow down of listings means that desirable properties often end up with multiple bids.

On the condo side we saw a steady flow of new listings up 16% week-over-week. Sales followed suit to the freehold market with a 13% drop in the number of sold units, but of those 54% sold at or above the asking price. New construction condo projects are not selling as quickly as they once did so now buyers are being enticed with all sorts of incentives such as reduced down payments or several months of free condo fees. In the past we saw lineups of eager would-be buyers but now the developers are reaching deep into their bag of tricks as they face new challenges in the world of condo presales.

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:

Here's What The Bank Of Canada Says Is The Real Reason For The Housing Slowdown

For months now, the real estate industry has been telling us that Canada's mortgage stress test is the primary cause of the housing slowdown in Greater Toronto and Greater Vancouver.”

Statistics Canada’s Rental Housing Measure Is Now A Vertical Line Upwards

For those of you who've given up on ever buying a home, we've got more bad news: Canadian rents have been rising at their fastest pace in decades, pushing up the cost of living at a time when households are already struggling to pay the bills..”

Vancouver, college kids live like kings in empty mansions: Stories from a real estate market in upheaval

It's a new world for Vancouver's housing market, where Chinese investors are decamping and low-ball offers are the norm.”

Canada’s Mortgage Stress Test 'Sidelined' 40,000 Homebuyers: TD Bank  

“If there is a single reason why Canada's real estate industry has been complaining so loudly about the country's mortgage "stress test," new research from economists at TD Bank points straight to it.”

Scrapping mortgage rules would boost Canadian home prices by about $32,000, TD says

TD says impact of rules have been longer-lasting and more significant than originally intended and government should consider flexibility.”