Bosley Real Estate Market Insight - November 1st, 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 - November 1st, 2019

01 November 2019
Bosley Real Estate

MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 1ST, 2019

Now that Halloween is behind us and the time has come to turn back the clocks this weekend, it’s the world of marketing and retail sales that will keep us focused on the changing seasons. If you haven’t been to a big box store lately you may not have noticed that it is suddenly Christmas everywhere you look. Unfortunately, the real estate market does not flip seasons as easily as your local retailer and the indicators we look for are harder to spot. This fall has been a particularly quirky market. Some areas are hotter than average and setting records and some neighbourhoods feel like they are in a cool chill. We don’t know why this is happening making some of us think that the market will end early and has others thinking it will go to the last day of the year. We will keep on working and l e t you know how our seasonal transition fairs.

Last week in the city the freehold market saw a decline of 27% in new listings but a massive increase of 60% more sales than the past three weeks. This is not uncommon given that we had the federal election and Thanksgiving to contend with. Tight supply has been the ongoing story for most of the year. Homes trading at or above the list price is at a very respectable 65%, well within the range we have seen for a strong fall market.

The condo market held steady with a small 3% increase in new listings, but a 19% increase in sold condos and of those sold 52% sold at or over the list price. Next week we will have the statistics for the month of October to report. Let’s see how that unfolds.

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:



Toronto region housing prices could rise 5 per cent in 2020, CMHC report says

”Canada’s national housing agency is forecasting Toronto region home prices to rebound in the next two years, rising as much as 5 per cent in 2020 to an average of between $765,300 and $898,400.”




B.C. Supreme Court rejects class action suit over foreign buyers tax

“A B.C. Supreme Court judge has rejected a Chinese woman's bid to certify a class action lawsuit against a foreign buyers tax designed to tackle the province's housing affordability crisis.”



First-time Homebuyers: What Boomers Got Vs. What Millennials Are Getting

“The homeowner life in Canada is changing. We see it everywhere: The once-endless expansion of suburban neighbourhoods has slowed, and highrise cranes now dot the skyline, often even far from city centres.”




Inside the Bridle Path, a Toronto oasis where celebrities love to build extremely lavish mansions

“The Bridle Path, a lavish neighbourhood in North York, Toronto has often been coined “Millionaires Row.” With its dazzling mansions spread across a few streets, it’s no surprise the neighbourhood has grabbed the attention of celebrities around the world.”



Canadian Housing Market Rebounds in September

“Canada’s housing market continues to rebound this fall from last winter’s chill. The Canadian Real Estate Association (CREA) reported that benchmark prices rose 0.5% in September from August, and 1.3% year-over-year. The aggregate benchmark price for the 19 cities CREA tracks is now $629,200. The benchmark is the best metric we have for measuring “typical” house prices because it eliminates outliers at the top and bottom of the market. In comparison, the average home price rose 5.3% year-over-year to $515,500.”