Bosley Real Estate Market Insight - May 17th, 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 17th, 2019

17 May 2019
Bosley Real Estate

As we approach the May 2-4 long weekend, we are crossing our fingers and hoping to get some warm weather so we can start our outdoor activities. Patios sit empty as we wait for sunny days. Wondering if it will ever warm up? But, one thing is for sure the Toronto real estate market is heating up. The buzz around the office has been exciting with new listings and agents busy helping buyers get their dream home. It’s an interesting market happening out there these days. Properties that look compelling and well presented aren’t getting offers on offer night and others are selling with sky high results. It all comes down to strategic pricing. Price low and wait....or price at market value. That is the big question!

After a flurry of listing activity two weeks in a row, listings were still up but only a slight 6% increase. The good news is that sales were up 34% week-over-week creating nothing short of a mini buying frenzy. In fact, 65% of all homes sold occurred at or above the asking price. While this is not the highest percentage we have seen this year, the east end and west end of the city both displayed 77% of properties that sold, were sold in a bidding war.

The condo market had a great week with a 15% increase in new listings, and sales rose slightly by 2%. The number of transactions that took place at or above the list price was at a steady 51%, a slight drop from previous weeks.

A senior economist at RBC sees evidence that the GTA market is turning a corner. The sales rebound in April, plus the rise in benchmark prices for a second month, suggest that the market is recovering from a dismal February/March which were hammered by winter storms.

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:

Interest-Only Mortgages Have Come To Canada, But Do We Really Need This ‘Innovation’?

”This year, nearly a million Australian homeowners are facing a nasty reality: Their monthly mortgage payments are spiking, overnight, by an average of $400 per month.”

Realtors call for land registry to crack down on money laundering

“With billions of dollars in dirty money being laundered through Toronto real estate each year, realtors are questioning why Ontario hasn’t taken action to implement the simple reform that’s chased criminals out of overheated property markets around the world: requiring the real owners of property to identify themselves.”

Canada May Be Expensive For Middle Earners, But For The World’s Rich, It’s A Bargain

“Canada has become one of the world's hottest destinations for wealthy migrants, and one clear reason for it is low housing costs.”

New stats show fewer foreign residents buying GTA homes

“New figures show the pace of foreign purchases of residential real estate in the Greater Toronto Area has slowed to a trickle, two years after the province imposed a tax to try to cool the housing market.”

Amid Toronto’s architectural malaise, innovative condos like these get noticed

”Is it any wonder that even Toronto has grown so tired of itself? Bogged down in an endless round of bickering over everything from transit and taxes to teaching, forever struggling to house its residents and eternally besieged by provincial governments determined to suck it dry, this is Ground Hog City, a place stuck in a circular search for answers that never come.”