Bosley Real Estate Market Insight - May 24th, 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 24th, 2019

24 May 2019
Bosley Real Estate

“WE THE NORTH”- GO RAPTORS. Fingers crossed we make it to the finals! So, the long weekend is over, the weather is improving, and as we have seen year-in and year-out the final push is on for the spring market before we start thinking about heading to the cottage or our summer vacations. So far so good! As for the overall GTA housing market, news in the media is all rosy, and looking ahead a balance between demand and supply is setting the stage for further modest price increases in the near term.

New freehold listings backed off a substantial 38% last week which is predictable before a holiday weekend. No need to worry that is always the case as most agents choose to wait until the long weekend is over to list. Sales followed suit registering almost 8% fewer transactions and the percentage of homes selling at or above the list price is at 61%, a slight decrease from previous weeks.

The condominium market seems to have adopted a ‘slow and steady wins the race’ stance. Listings were down by 13% from the previous week while the number of sold condos saw no change week-over-week, 50% sold over the asking price. News in the media this week about several condo projects being cancelled has us concerned. Since 2017, there have been 6,350 condominium units cancelled in the GTA. Historically, projects were cancelled for lack of sales. What’s different recently is fully sold-out, large scale projects being cancelled. The builders have claimed a difficulty in getting construction financing and rapidly rising construction and regulatory costs. Some of these projects date back to 2016. They don’t believe 2019 will have as many cancellations as previous years.

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’?

”Bank of Canada governor Stephen Poloz reiterated key themes from last week’s interest rate hike decision, including the need to return borrowing costs back to neutral levels, in his semi-annual testimony before the House of Commons finance committee.”

Canadian House Price Forecast: What The Next 5 Years Will Look Like In 33 Cities

“The latest Canadian house price forecast from Moody’s Analytics really has no good news for anyone.”

How to deflate a housing bubble, from Vancouver to Toronto

“In Canada’s frothiest housing market, prices are finally falling. Hip, hip, hooray.”

Detached homes attract the strongest demand among GTA’s assets

“Of the Greater Toronto Area’s residential property types, detached homes magnetized the strongest demand in the market last month, according to updated numbers from the Toronto Real Estate Board.”

Canada Should Halt Efforts To Make Homebuying Easier, IMF Says

”Canada should hold off on changes to make homebuying more affordable but should speed up efforts to reduce trade barriers within its borders, advises the International Monetary Fund.”