Bosley Real Estate Market Insight - July 19th, 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 19th, 2019

19 July 2019
Bosley Real Estate


The rental stats were released last week by the Toronto Real Estate Board and the demand for condo apartments still remains strong. For the second quarter of this year 9,749 condo apartment rental transactions were reported, up by 14.9% compared to 2018. The number of condo apartments that were listed were also up by 28.8% on a year-over-year basis. The average 2019 one-bedroom condo apartment rent for the GTA was $2,192, up 6.7% compared to 2018. Over the same period, the average two-bedroom condo apartment rent increased by 4.3% to 2,873. The vacancy rate for the city of Toronto sits at 0.7%. The GTA population continues to trend upward, as the region attracts people from around the world, both on a permanent and temporary basis, to take advantage of a diversity of employment opportunities. Many of these  newcomers and existing GTA households choose to rent.

Last week the residential sector did a complete reversal compared to the week before. Listings were down by 5% but overall sales made a gigantic jump, up by 35%. Buyers were back after the long weekend as reported with busy open houses still happening. The majority of the sales  are still happening in the east end with 50% of homes in the $800K to $1.5K range selling at or above the list price.

The resale condo market sector is following the same trends, except new listings were up by 7% and sales have climbed by nearly 43% week-over-week. The majority of sales are between the $400K and $700K price point with 52% of condos selling at or above the list price.

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:

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

"Contractors haven’t been building condos and rental apartments at this frenzied rate in nearly 30 years."

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

“Office space hasn’t been this hard to find in Toronto for a long time. Thanks to a flood of new technology and e-commerce tenants, commercial space has reached a premium in the city, with the average Class A net asking rent in the financial core crossing the $40 per sq. ft. threshold for the first time in the second quarter.”

8 Ways Canadian Millennial Homebuyers Are Vastly Different From Their Parents

“Graduate, land a job, buy a house. That was the trajectory many of our parents took to step on the property ladder. But for Millennials living in Canada’s largest cities, the path isn’t as clear. For some (okay fine — for me), it looks more like: Graduate with student loan debt, land a job (or contract — whatever you can get), buy a plant, scroll Instagram, rent forever. The only stereotype I haven’t fallen prey to is avocado toast.” 

House Prices Are Falling In 25 Canadian Communities ― Here’s The Scoreboard

“Western Canada’s housing market doldrums will continue, while some previously sleepy housing markets in the east will be Canada’s strongest this year, a forecast from Royal LePage predicts.”

Retirement community reinvents itself as Tech Hub North

“Collingwood, Toronto’s retirement arcadia to the north, is reinventing itself as Tech Hub North.”