Bosley Real Estate Market Insight - October 18th, 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 18th, 2019

18 October 2019
Bosley Real Estate


Home sales continue to rebound as sales jump across the country. It’s the seventh straight month that home sales have grown with an upswing in activity, and record prices in Toronto and the surrounding suburbs. This has many people concerned as to the affordability which has become a major issue in the upcoming federal election with all major parties promising to improve affordability, particularly for first-time buyers. With all this uncertainty and the Thanksgiving holiday last week, it did contribute to a slowdown in both listings and sales in all neighbourhoods of Toronto. As we wade into the final days of the election, we shall soon see who will hold power. Get out and vote!

The freehold market continues to follow the long weekend pattern with listings down 32%, while sales remained consistent with the previous week. Sales at or above the list price also fell slightly from the previous week to 54%. The east end is still leading the pack with 63 percent of sales sold at or above the asking price.

The condo resale market has finally broken from tradition by mimicking its freehold rival. Listings were off pace, down 12% from last week while sales tapered off by 11%. Sales at or above the list price dropped to 43%, the lowest its been since the summer months. The hot spot in the downtown core is the $450,000 to $700,000 price range with one out of every two 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:

Survey shows new Canadians will drive up housing demand in GTA

“New Canadians account for one in five of all housing purchases and are expected to buoy the market in the Toronto region and across Canada over the next several years, says a new survey for Royal LePage.”

Cannabis Creating ‘Micro-Booms’ In Canada’s Housing Markets: Report

“The recreational cannabis industry has been very good to some small cities in Canada, which are experiencing a “micro-boom” in their housing markets, a new report has concluded.”

Student Housing In Canada Is Being Ignored, And It Might Be Why You Can’t Afford Rent

“In the endless debate over Canada’s high house prices and rising rents, foreign buyers have become the most popular target for blame, and a popular target for policy action now, too.”

Real estate photos are distorting reality, frustrating would-be home buyers

“Wide-angle lenses, photoshop and virtual staging: Real estate photo enhancement is reaching new heights as desperate sellers look to sell imperfect homes.”

Canadian Real Estate Sales Jump To 2016 Levels, But Industry Cautions Market

“Who needs government stimulus? Canadian real estate sales are on the rise, in almost every major market. Canadian Real Estate Association (CREA) numbers show real estate sales are back to pre-cooling measures, as of September. The big spike in sales may have you thinking of a recovery. However, CREA’s chief number cruncher expressed some concerns. The length of the rebound from lows will be dependent on the global economy.”