Bosley Real Estate Market Insight - May 31st, 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 31st, 2019

31 May 2019
Bosley Real Estate

Raptors fever has descended upon Toronto! For the first time in the history of the Raptors franchise, WE THE NORTH are in the NBA finals ! GO Raptors Go !!!

So back to real estate, as we expected the number of new listings to hit the MLS after the long weekend was innumerable. Buyers were waiting patiently for the impending influx of new listings to satisfy a hungry desire for a place to call home. They now have choices. It was an interesting week with some listings receiving bully offers, some getting multiple offers and other properties we thought were priced to sell and did not get any offers. The question arises again as to “how do we price a property?” Now with more available listings should we price low or price at market value? It’s a mixed consensus when you ask around.

Freehold listings were WAY up by 59% from a week ago and the price range between $800K and $1.5M dominates. In the core of the city there were over 150 listings alone in that price range that were new. Sales were down last week by almost 40%, but again that is normal after a long weekend. And because of the fewer sales, the properties that sold at or above the asking price was only at 46%. That is a slight drop from the previous weeks.

The condo sector was a little different. New listings did not increase last week, and sales backed off by 28%. Of those condos sold 53% sold at or above the list price. The hottest price point again is the $400K to $700K across all core marketplaces which we recognize as a reaction to homebuyers being priced out of freehold homes.

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:

HUDAK: New real estate rules good news for home buyers and sellers

”Because buying a home is one of the biggest events of our lives, how we buy a home matters a lot. So, when the government is updating the laws for how we buy and sell homes, we should all pay attention.”

New Condos Are Way More Expensive Than Resale, And Now They're Risky Too

“What is it about buying a new house or condo that appeals to so many people? Is it that new-home smell? Shiny new appliances you can see your reflection in? The decreased likelihood of there being a scary old ghost living in the closet?.”

Ottawa’s economy is fuelling its real estate market’s robustness

“Ottawa’s real estate market is considerably benefiting from its local government and economy, according to an Engel Volkers analysis.”

Canada's Mortgage Rates Are Coming Down, With Record Lows For 10-Year Loans

“There’s a little bit of good news out there for Canada’s increasingly stressed-out homebuyers: The pressure from rising mortgage rates is ramping down, at least a little.”

TD, Royal Bank Defy Canadian Housing Slump With Loan Growth

”Canada’s two largest banks are defying cooling housing markets in the country by posting solid growth in home loans.”