Bosley Real Estate Market Insight - August 23rd, 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 - August 23rd, 2019

23 August 2019
Bosley Real Estate

MARKET UPDATE FOR THE WEEK ENDING AUGUST 23RD, 2019 The CNE is open and fall clothes are already available in stores. Yikes! that means that summer is over. As kids you would either be excited for school to start or trying to squeeze ever last moment that was left to play. These last two weeks of August are traditionally slow in real estate. Most agents have told their clients to wait until after labour day to list. Our feeling is that there are a lot of last-minute trip takers out there doing their best to enjoy what’s left of summer. So, savor what’s left of August and we will pick up again in September.

After a quick uptick in listings and activity the market is backing off to traditional summer levels. The freehold sector experienced an uptick in the number of available homes coming to market last week by 29%, while sales dwindled slightly by 5%. Historically low inventory levels are driving up prices and still producing multiple offers in 58% of the home transactions last week, mainly in the $700K to $1.5M range.

The condo market continues its successful march. Last week we registered a 33% increase in new listings, but sales were down 23%. Overall, nearly 47% of all units that traded sold at or above the list price. That is still a high percentage and most of those were recorded in the $400K to $700K price range.

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 home sales up 12% in July year-over-year

”The Canadian Real Estate Association says home sales in July rose 12.6 per cent compared with the same month last year. The increase came as sales were up in most of the country’s largest markets, including the B.C.’s Lower Mainland, Calgary, Edmonton, the Greater Toronto Area and Hamilton-Burlington, Ottawa and Montreal.”

Canada Loses 24,000 Jobs, But The Canadian Real Estate Industry Picks Up Over 30,000

“Still wondering if Canadian real estate is running the economy? Just look at the latest job numbers. Statistics Canada (Stat Can) numbers show a small uptick in unemployment, with 24,000 jobs lost in July. However, the weakness didn’t impact the real estate and construction industries. Both sectors are now at an all-time high for jobs, and added over 30,000 jobs to the economy last month.”

Soaring House Prices Could Return As Interest Rates Head To Zero: BMO

“The recent slowdown in Canada’s hottest housing markets is turning a corner and a potential new price boom is threatening to frustrate would-be buyers’ hopes.”

Bank Of Mom And Dad Is Paying Canadian Millennials' Rent: Survey

“You'll soon be able to pay your property taxes with Bitcoin in Richmond Hill.”

President Trump Eyes a New Real-Estate Purchase: Greenland

”President Trump made his name on the world’s most famous island. Now he wants to buy the world’s biggest.”