Bosley Real Estate Market Insight - November 8th, 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 8th, 2019

08 November 2019
Bosley Real Estate


The Toronto Real Estate Board released the market stats for the month of October and all we can say is we are UP! October continued the string of strong performances. Beginning in the spring the Toronto and GTA market have shown month per month growth in sales and sale prices. The average sale price for the City of Toronto is $925,498 up 6.4% from a year ago. The number of sales has also increased by 8.7%. Still the growing concern is the lack of inventory with active listings down almost 6% compared to last year resulting in tighter market conditions and accelerating price growth.

Last week in the city the freehold sector saw a 10% drop in new listings. Sales were also lower than the previous week, down 12%. We are still witnessing a bit of everything, with some listings sitting on the market, some listings selling in crazy bidding wars and scores of potential buyers cautiously waiting for the right house. Still, sentiment for home ownership remains strong as nearly 55% of home transactions in the 416 sold at or above the asking price.

The condo market did not see an increase in new listings but rather a 12% drop from the previous week, but sales were up 9%. The condo sector stats for October were also stellar. The average condo price came in at $662,631 up 9.8% from October 2018. With nearly 50% of sold units 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:

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

”Toronto’s housing market continued to bounce higher in October, with prices rising the most in almost two years amid dwindling supply.”

Luxury home sales surge 26 per cent in Toronto as Chinese buyers return

“The Toronto real estate recovery is pushing its way up to the luxury home segment, according to a new report by Re/Max.”

Airbnb bans ‘party houses’ following Orinda shooting

“On Saturday, Airbnb CEO and cofounder Brian Chesky tweeted that the company would be banning “party houses” after five people died in a shooting during a 100-plus person Halloween party at an Airbnb rental in Orinda, California.”

Toronto, Vancouver see home sale gains in October but prices diverge

“The Toronto real estate recovery is pushing its way up to the luxury home segment, according to a new report by Re/Max.”

Canadians increasingly opt for variable mortgages, report finds

“An increasing number of Canadians are opting for variable rates when they enter the mortgage market, according to a new report from the Canadian Mortgage and Housing Corporation (CMHC).”