Bosley Real Estate Market Insight - October 11th, 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 - October 11th, 2019

11 October 2019
Bosley Real Estate

MARKET UPDATE FOR THE WEEK ENDING OCTOBER 11TH, 2019 October marks a time of reflection and gratitude. This weekend for Thanksgiving we will gather around the table with loved ones and enjoy a delicious, bountiful feast and be thankful for family, good health, warm fall weather and thankful for ~Nobody gets to explore the city like we do. As the city learns to live a high-rise lifestyle, we Realtors® can enjoy some of the city’s most stunning views and wander amongst some awe-inspiring homes in all neighbourhoods of the city. Sure, the year started off slowly with buyers being cautious and playing the wait-and-see-game, but recent stats from the Toronto Real Estate Board show all housing types are up year-over-year in the 416.

It is no surprise with the anticipation of the long weekend that listings were down slightly in the freehold sector. Sales were also down 17% week-over-week as the federal election draws to a close. While we feel the outcome of the election has little bearing on home values, there might be a wait and see attitude. The latest stats from TREB show that the average sale price for a freehold in the City of Toronto is $913,096 up 5.6% from a year ago.

In the condo market there was no change in new listings from the previous week. Sales did improve, up 11% from last week and the activity continues to be strong with 49% of condos selling at or above the list price. The average sale price for a condo in the 416 is now $636,817 up 3.4% from the same time last year.

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 Home Sales Have ‘Room To Run’ In 2020, CREA Predicts

”But affordability problems will put a cap on how high prices can go, the industry group says.”

Canadian Household Wealth Is Diverging Along Urban-Suburban Lines

“Priced out of the housing market, some young Canadians are turning to other kinds of investments.”

More town homes, semi-detached being built in Toronto as home sales continue to surge

“New home starts remained relatively flat in the Toronto region in September, but the trend — a six-month moving average of monthly adjusted annual rates — showed a slight growth to 32,614 units, compared to 32,506 in August.”

Toronto home prices soar by 6.2% — and they are forecast to keep rising

“Home prices in the Greater Toronto Area are continuing to surge due to greater consumer confidence and a recent decline in mortgage rates, according to a new report from Royal LePage.”

Housing Bubble Risk Index Shows Toronto Worsening, Vancouver Improving

“Declining prices in Vancouver are taking some of the risk off its housing market, but that's not the case in Toronto.” “Declining prices in Vancouver are taking some of the risk off its housing market, but that's not the case in Toronto.”