Bosley Real Estate Market Insight -November 15th, 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 15th, 2019

15 November 2019
Bosley Real Estate


HO HO HO here comes Santa! The annual Santa Claus parade comes to town on Sunday and if that doesn’t signal the start of winter then this week’s blast of early snow sure did. Despite the early onset of snow and temperature drop there is no sign that the real estate market is slipping into hibernation yet. A shortage of listings has been the problem for most of the year but when we ask around the office if agents have buyers they are working with everyone puts their hand up. We know there are many frustrated buyers out there, but we would encourage them to all keep looking. If you are thinking of putting your buying intentions on hold you might pay the ultimate price when prices escalate in the Spring...just like they did last year.

Clearly as we see the year start to wind down freehold listings are not increasing week to week. Last week we saw an 8% drop and sales also dropped by 7%. These statistics are not uncommon when you compare to previous years. Its more a statement of the approaching winter market. Still, sentiment for home ownership remains strong as nearly 61% of sales happened at or above the list price.

The condo market on the other hand saw a 10% increase in new sales last week, but a sharp drop in sales down by 24%. Multiple offers once reaching a high of 52% of suites sold back in October has diminished to a still healthy 43% of condos selling at or above the asking price. We are still seeing heightened activity in the more price-friendly price point for first time buyers being between $400K to $700K.

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 real estate exits the red zone for the first time in four years, says CMHC

“Canada’s national housing agency has moved the Toronto region housing market out of the high-risk red zone into the moderate yellow area for the first time since 2015.”

Housing Affordability In Canada Has Been Improving For 9 Straight Months: NBF

“Affordability improved in every major Canadian housing market in the third quarter of this year, marking nine straight months that homes have become cheaper relative to incomes, National Bank of Canada says.”

Ontario to reform Tarion after scathing report on the home-building regulator

“Premier Doug Ford's government will reform Tarion after a damning auditor general's report into the controversial Ontario home-building regulator and warranty provider, the Star has learned.” 

When it comes to mortgage break penalties, big banks are often the worst

“Committing to a mortgage for five long years exposes people to the most insidious aspect of residential financing: prepayment charges.”

Crackdown on dirty money in Vancouver real estate continues with creation of new watchdog

“British Columbia plans to create a single real estate regulator to better combat money-laundering in markets like Vancouver, where the government says dirty money has helped drive up housing prices.”