Bosley Real Estate Market Insight - September 27th, 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 - September 27th, 2019

27 September 2019
Bosley Real Estate


With the change in temperature and the end of that laid-back mood of summer, fall always feels like a shift in gears. Changing around your wardrobe and getting ready for those cool days and nights are almost upon us. With the fall market in full swing, the unpredictability of Toronto real estate is perplexing at times. Sales have been recovering and stronger than we expected in recent months. It seems that we are in full recovery with 6 straight months of sales increases for existing homes. Mortgage rates are dropping, and the impact of the mortgage stress test seems to have diminished slightly. Sellers are becoming a little bit more realistic in their pricing, but listings still remain low causing fierce competition among buyers.

Last week the freehold market saw a small 13% dip in new listings from the previous week. It is interesting to note that fewer listings did not dampen buyer’s spirits. Overall sales for the week shot up an impressive 41% from the previous week and as expected, supply and demand economics propelled 71% of sales at or above the list price. Most of the activity was centered in the east end again in the Riverdale, Danforth Village, Leslieville and Beaches neighbourhoods. We love witnessing the condo market’s continued success. Listings were up slightly last week by 3% from the previous week. Sales had a healthy 17% increase week-to-week. Keeping in line with previous weeks, 45% of sold units are still happening at or above the list price. The condo market continues to lead the way in terms of price growth in the GTA.

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:

Rising Toronto home prices, sales lift national real estate forecast

”The Canadian Real Estate Association (CREA) is raising its annual home price and sales forecast for the year, due in part to the rising fortunes of Ontario’s housing markets, including the Toronto region.”

Scheer pledges to allow longer mortgages, remove 'stress test' for renewals

“Conservative Leader Andrew Scheer laid out a plan Monday that he says would make it cheaper for Canadians to buy homes, loosening rules put in place by the former Conservative government during the global financial crisis.”

Liberal Proposals To Up Home Ownership Would Have Minimal Impact: Experts

“Experts say a pair of Liberal proposals to make home ownership more attainable would have a negligible impact, particularly in markets like Vancouver, Victoria and the Greater Toronto Area where home prices continue to soar beyond the reach of many.”

Canada’s Vacant Home Rate Is 5 Times Higher Than U.S., And Rising

“There’s no doubt Canada’s housing supply ― at least in many places ― is very tight. Apartment vacancy rates are near historic lows, and the country’s home ownership rate is shrinking.”

Beware Toronto Renters – Things Are About To Get Worse!

People of Toronto – if you have a decent-sized rental unit, don’t move! The competitive rental market in this city continues to escalate.”