Bosley Real Estate Market Insight - July 12th, 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 - July 12th, 2019

12 July 2019
Bosley Real Estate

MARKET UPDATE FOR THE WEEK ENDING JULY 12TH, 2019 The sun is shinning, the birds are chirping, and the hot weather is finally here — summer is in full swing. It seems that everywhere you look, glowing faces and lush gardens greet your gaze. A laid-back attitude seems to be permeating these days. As we have settled in after the long weekend, the real estate stats were released for the month of June, and its all good news! The average sale price for a home in the City of Toronto is $915,481, up 5% from a year ago and the number of sales recorded for the entire GTA was up 10%. Home sales and prices have perked up from a depressed 2018. Buyers started moving off the sidelines in the spring, and because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types like condos.

It’s easy to see the freehold sector shifting into summer mode. Listings were up slightly last week by 9% over the previous week, but sales were dramatically down with 52% fewer sales last week in all areas of the city. If we go back exactly a year ago and check the stats, they are almost identical to now. Homes selling at or above the list price has dropped to 38%. We believe the buyers are still active in the marketplace but are taking a bit more time to make their decision.

The condo market buyers and sellers expressed a similar sentiment. The last thing anyone wants to do is hang around the city when all their friends are at the cottage. That explains the 46% decline in sales last week although listings increased by 14%. The percentage of suites still selling at or above the list price has dropped slightly down to 33%. Summer market statistics are often not the best indicators of housing market conditions.

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:

Canadian Housing Beats U.S. By A Mile, And All It Took Was Outrageous Debt

”When it comes to housing wealth, Canadians have been kicking the pants off their southern neighbours for at least two decades.”

Luxury real estate sales rise in Toronto, Montreal; fall in Vancouver

“Luxury real estate sales flourished in Montreal with property sales over $4 million jumping by triple digits in the first half of 2019, but continued to dwindle in Vancouver, according to a new report.”

Laneway Homes Could Transform 310 Km Of Toronto's Underused Spaces

“Jeffrey Lin envisions the laneway behind his house to become a neighbourhood oasis as homes replace garages and families fill the space.”

Canada's Condo And Rental Building Boom Is The Biggest Since 1990

“Even in B.C.'s quiet housing market, there is plenty of underlying demand, BMO says.”

First-time buyers should think twice about recreational properties

”First-time home buyers eager to get into the housing market should think twice about buying a recreational property first, real estate experts say.”